The supply of westside detached homes in July was 733, down from 773 in June and up 14% compared to 536 last year in July 2020. 
Westside detached home sales this July decreased 19% from June (91 vs 112) but were 20% higher than pandemic July 2020. Detached home sales are 8% lower than the July 10 year average of 99 sales.
Months of Supply, (MOS) in July is up 17% from last month to 8.1 from 6.9 in June and up 14% from Covid July 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The July average price was down 9% from June to $3.65M and the median detached home price decreased 5% to $3.2M. Current prices are down 20% on average & 17% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in July was $12.08M. It was on the market for 862 days before it sold. The lowest price was $988K. It was on the market for 49 days. Of the 91 sales, 27 received the asking price or more and 64 sold below the asking price.
Westside apartment supply decreased 7% in July to 1550 from 1662 in June and decreased 8% from the 1687 listings we had in July 2020. At the same time, demand stayed relatively unchanged at 421 sales v. 426 sales in June but this is up 24% from 339 sales in Covid July 2020. Apartment sales are up 9% from the 10 year average of 386 sales.

MOS in July decreased 6% to 3.7 from 3.9 in June and this is down 26% from July 2020.
The average price in July decreased 3% to $894 v $920K in June 2021 and was down 7% from July 2020. The median price was relatively unchanged from June ($780 v $779.5) but is up 6% from last July. Average and median prices are still down by 25% & 11% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply decreased 7% in July from June (251 vs 270), and remained relatively unchanged from July 2020 (251 v 249). Demand in July is down 20% from June (56 vs 70 sales) and remained relatively unchanged from last July 2020 (56 v 57). Attached home sales are relatively unchanged from the 10 year average of 57 sales.
With supply and demand down, current MOS increased 16% to 4.5. That is up 3% from 4.4 in July 2020.
Townhouse average prices in July were up 16% from June at $1.7M and were up 15% from $1.48M last July 2020. Median prices were up 2% in July (1.37M v 1.34M) and are up 5% from July 2020. The average price is down 5% from the peak of $1.8M. The median price is down 11% from the peak of $1.519M in January 2018.
West side detached home listing supply in July was down 3% from the 10 year average for detached homes, up 6% for apartments and up 5% for townhomes.

Demand in July was down from the 10 year average by 8% for detached homes, up 9% for apartments and down 6% for townhomes.

Median home prices in July are off from the peak, by 17% for detached homes, 11% for apartments and 11% for attached homes so detached, attached and apartments are all still selling below peak prices and are still good value for Buyers.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 6.3% to 3,326 this July from 3,128 sales in July 2020. This is a 11.6% decrease from the 3762 homes sold in June 2021.

July 2021 sales were 13.3% above the 10-year July sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 9,850 down 18.5% from 12,083 in July 2020 and down 9.1% from 10,839 last month.

For all property types, the sales-to-active listings ratio for July 2021 is 33.8%.
Downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while upward pressure occurs when it surpasses 20% over several months.

Supply peaked in June and demand has slowed every month since March so prices have softened, however unique & sharply priced homes are still receiving multiple offers with prices over the ask.

There remains a high level of optimism regarding real estate but the westside remains under supplied and current prices are good value.

Be kind and be careful 💝🍬🍫 !

Enjoy the rest of the summer! 😎🎎🎏

Best regards,