Greetings!

The supply of westside detached homes in November was 630, down from 681 in October and up 19% compared to 529 last year in November 2020. 
 
Westside detached home sales this November decreased 6% from October (98 vs 104) and were 8% higher than November 2020. This is also 2% higher than the November 10 year average of 96 sales.
Months of Supply, (MOS) in November is down 2% from last month to 6.4 from 6.5 in October and up 11% from November 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The November average price was up 12% from October to $4.24M and the median detached home price increased 14% to $3.68M. Current prices are down 7% on average & 4% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in November was $13.8M. It was on the market for 72 days before it sold. The lowest price was $1.65M. It was on the market for 12 days. Of the 98 sales, 26 received the asking price or more and 72 sold below the asking price.
Westside apartment supply decreased 11% in November to 1331 from 1500 in October and decreased 24% from the 1763 listings we had in November 2020. At the same time, demand increased to 482 sales and this is up 53% from 315 sales in November 2020. Apartment sales are up 46% from the 10 year average of 331 sales.

MOS in November decreased 23% to 2.8 from 3.6 in October and this is down 51% from November 2020.
 
The average price in November decreased 4% ($942 v $983K) from October 2021 and was up 13% from November 2020. The median price was down 4% from October ($797 v $830) and is up 6% from last November. Average and median prices are still down by 21% & 10% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply decreased 2% in November from October (209 vs 214), and was down 16% from November 2020 (209 v 250). Demand in November is down 5% from October (64 vs 67 sales) and up 7% from last November 2020 (64 v 60). Attached home sales are up 34% from the 10 year average of 48 sales.
 
With supply and demand down, current MOS remained relatively unchanged at 3.3. That is down 22% from 4.2 in November 2020.
 
Townhouse average prices in November were up 12% from October at $1.85M and were up 29% from $1.44M last November 2020. Median prices were up 13% in November
(1.7M v 1.5M) and are up 30% from November 2020. The average price is up 3% from the peak of $1.8M. The median price is up 10.5% from the peak of $1.519M in January 2018.
The November west side detached home listing supply was down 4% from the 10 year average, apartment supply was up 3% from the 10 year average and townhome supply was down 1% from the 10 year average.

Demand in November was up from the 10 year average by 2% for detached homes, 46% for apartments and 34% for townhomes.

Median home prices in November are off from the peak, by 4% for detached homes, 10% for apartments but up 11% for attached homes. Detached homes and apartments are all selling below peak prices and are still good value for Buyers but attached homes have surpassed the peak. 

The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region increased 11.9% to 3,428 this Nov. from 3,064 sales in Nov. 2020. This is a 1.9% increase from the 3494 homes sold in Oct. 2021.

Oct. 2021 sales were 33.6% above the 10-year Nov. sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 7,144 down 35.7% from 11,118 in Nov. 2020 and down 11.1% from 8,034 last month.

For all property types, the sales-to-active listings ratio for Oct. 2021 is 48%.
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 supply peaked in June and demand is down since the peak March so prices have been softening, however Oct. & Nov. demand is up and supply is down so unique & sharply priced homes are still receiving multiple offers with prices over the ask.

The westside remains under supplied and while current prices for detached and apartment homes are still below the peak, attached home prices are higher than ever. Nov. prices have jumped up for detached and attached homes and the short supply will put continued pressure on them. 

Happy holidays! ❄🌨️🎅🏼🦌🎁🎀☃️☃⛄⛸️🎄✨🎋🍪🥛

All the best for you and your families for a safe and healthy 2022. 🌃🥂🎇

Best regards,

Stuart