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! 😎🎎🎏