West side detached home listing supply in Nov. is down from the 10 year average by 20% for detached homes, but up 33% for apartments and 15% for townhomes.
Demand in Nov. was down from the 10 year average by 8% for detached homes, 1% for apartments but up 46% for townhomes.
Median home prices in Nov. are off from the peak, by 22% for Detached homes, 14% for Apartments and 16% for Attached Homes so all property types are still good value for Buyers.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 22.7% to 3064 this Nov. from 2498 sales in Nov. 2019. This is a 16.9% decrease from the 3687 homes sold in Oct. 2020.
Nov. 2020 sales were 24.6% above the 10-year Oct sales average. (Regional stat)
The total number of properties currently offered on the MLS® system in Metro Vancouver is 11,118 up 3.2% from 10,770 in Nov. 2019. This is down 10.5% from last month.
For all property types, the sales-to-active listings ratio for Nov. 2020 is 27.6%.
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.
Many people are holding off listing their homes and westside detached homes are still undersupplied. Buyers in the market today are frustrated by the lack of supply and sharply priced homes are receiving multiple offers and increased selling prices. This short supply, low interest rates and steady demand will keep pressure on buyers. Current prices are still well below the peak and are therefore good value. The typical, seasonal drop in demand due to buyers and sellers leaving for vacation may be different this year as travel plans are curbed due to Covid. This could increase pressure on the real estate supply and prices.
Be kind and be careful.
Have a safe and healthy holiday season and all the best for 2021! 🎉