West side detached home listing supply in Jan. is down from the 10 year average by 33% for detached homes, but up 15% for apartments and 17% for townhomes.
Demand in Jan. was down from the 10 year average by 11% for detached homes but up 25% for apartments and 30% for townhomes.
Median home prices in Dec. are off from the peak, by 14% for Detached homes, 15% for Apartments and 5% 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 52.1% to 2,389 this Jan. from 1,571 sales in Jan. 2020. This is a 22.8% increase from the 3,093 homes sold in Dec. 2020.
Jan. 2021 sales were 36.4% above the 10-year Jan. sales average. This can in part be attributed to the Covid pandemic that created an unusual seasonal pattern in which the market demand collapsed in April and slowly recovered through Oct.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 8,306 down 3.6% from 8,617 in Jan. 2020 and down 2.7% from 8,538 last month.
For all property types, the sales-to-active listings ratio for Dec. 2020 is 28.8%.
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.
There seems to be a high level of optimism in the market and many people will be listing their homes within the next month to take advantage of that. Currently the westside detached homes are still undersupplied while the attached and apartment markets have more supply than usual.
The typical, seasonal drop in demand due to buyers and sellers leaving for vacation is different this year as travel plans are curbed due to Covid. This is increasing pressure on the real estate supply and prices have been rising for detached and attached homes..
Buyers in the market today are frustrated by the lack of supply and sharply priced homes are receiving multiple offers and prices over their asking price. Short supply, low interest rates and steady demand will keep pressure on buyers but current prices are still well below the peak and are therefore good value.
Be kind and be careful 💝🍬🍫 and, have a Happy Valentine's Day! 💓😘💋