The January west side detached home listing supply was down 12% from the 10 year average, apartment supply was down 1% from the 10 year average and townhome supply was up 2% from the 10 year average.
Demand in January was down from the 10 year average by 11% for detached homes, up 39% for apartments and up 56% for townhomes.
Median home prices in January are off from the peak, by 17% for detached homes, 15% for apartments and up 4% 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 decreased 4.4% to 2,688 this Jan. from 2,389 sales in Jan. 2021. This is a 15% decrease from the 2688 homes sold in Dec. 2021.
Jan. 2022 sales were 25.3% above the 10-year Jan. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 5,663, down 31.8% from 8306 in Jan. 2021 and up 8.2%% from 5,236 last month.
The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,255,200 which is an 18.5% increase over Jan. 2021 and is up 2% over last month.
We know what $1.255M will buy on the west side so detached westside homes (avg. $3.72M) are not getting that level of heat but west side apartments and townhome sales are.
For all property types, the sales-to-active listings ratio for Jan. 2022 is 40.3%. For detached homes it is 28%, attached homes are 51.6% and apartments are 49.7%.
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 in 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.
Recent news reports speak to the BC Attorney General talking about getting tough with municipalities (read Vancouver) about stimulating & expediting applications for more new housing. I hope that does come to pass.
As always, supply and demand will determine prices!
Happy Valentine's Day ✨💖✨