The supply of westside detached homes in July was 679, down 5% from 716 in June and down 7% compared to 733 last year in July 2021. 
Westside detached home sales this July decreased 31% from June (47 vs 68) and were 48% lower than July 2021. This is 51% lower than the July 10 year average of 96 sales.
Months of Supply, (MOS) in July is up 37% from last month to 14.4 from 10.5 in June and up 79% from July 2021. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The July average price was relatively unchanged from June at $3.801M and the median detached home price increased 2% to $3.46M. Current prices are down 16.2% on average & 10.1% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in July was $8.06M. It was on the market for 27 days before it sold. The lowest price was $2.23M. It was on the market for 367 days! Of the 47 sales, 9 received the asking price or more and 38 sold below the asking price.
Westside apartment supply decreased 3% in July to 1489 from 1542 in June and decreased 4% from the 1550 listings we had in July 2021. At the same time, demand decreased 8% from 322 sales in June 2022 to 295 sales and this is down 30% from 421 sales in July 2021. Apartment sales are down 24% from the 10 year average of 388 sales.

MOS in July increased 5% to 5 from 4.8 in June and this is up 37% from 3.7 in July 2021.
The average price in July increased 5% ($1038 v $989K) from June 2022 and was up 16% from July 2021. The median price was relatively unchanged from June ($834 v $828) and is up 7% from July 2021. Average prices are still down by 13% from the peak of $1.199M and median prices are down 5% from the peak in January 2018.
Westside townhouse supply increased 4% in July from June (261 vs 252), and was up 4% from July 2021 (261 v 251). Demand in July is down 48% from June (28 vs 54 sales) and down 50% from last July 2021 (28 v 56). Attached home sales are down 51% from the 10 year average of 58 sales.
With supply up and demand down, current MOS increased 98% to 9.3. That is up 108% from 4.5 in June 2021.
Townhouse average prices in July were down 2% from June at $1.625M and were down 4% from $1.698M last July 2021. Median prices are up in July from June (1.565M v 1.405M) and are up 15% from July 2021. The average price is down 9% from the peak of $1.8M. The median price is up 2% from the peak of $1.519M in January 2018.
Compared to the 10 year average, supply in the westside was down 5% for detached homes, up 7% for apartments and up 13% for townhomes.

Compared to the 10 year average, demand in the westside was down 51% for detached homes, 24% for apartments and down 51% for townhomes.

Median home prices in July are down from the 2017 peak, by 10.1% for detached homes, down 5.3% for apartments and up 1.8% for attached homes.

Rising interest rates, steady supply and falling demand suggest prices will continue to soften. 

The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 43.3% to 1887 this July from 3326 sales in July 2021. This is a 22.6% decrease from the 2444 homes sold in June 2022 and 35.2% below the 10 year July sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 10,228, up 4.4% compared to July 2021 and down 1.3% from 10,010 last month. 

The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,207,400 which is a 10.3% increase over July 2021 but is down 2.3% over the last month.

For all property types, the sales-to-active listings ratio for July 2022 is 18.3%. For detached homes it is 11.8%, attached homes are 20% and apartments are 24.5%.

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.

Westside numbers suggest prices will soften.

Enjoy the rest of the summer! 🌻🌴 🍹 🏝 ☀🌞

Best regards,