Greetings!

The supply of westside detached homes in December was 535, down from 630 in November and up 22% compared to 440 last year in December 2020. 
 
Westside detached home sales this December decreased 22% from November (76 vs 98) and were 6% lower than December 2020. This is 4% higher than the December 10 year average of 73 sales.
Months of Supply, (MOS) in December is up 10% from last month to 7 from 6.4 in November and up 30% from December 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The December average price was down 12% from November to $3.72M and the median detached home price decreased 3% to $3.58M. Current prices are down 18% on average & 7% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in December was $8.45M. It was on the market for 76 days before it sold. The lowest price was $1.97M. It was on the market for 5 days. Of the 76 sales, 27 received the asking price or more and 49 sold below the asking price.
Westside apartment supply decreased 25% in December to 1003 from 1331 in November and decreased 59% from the 2459 listings we had in December 2020. At the same time, demand decreased 28.9% from 482 sales in Nov. 2021 to 344 sales and this is down 6% from 364 sales in December 2020. Apartment sales are up 32% from the 10 year average of 260 sales.

MOS in December increased 6% to 2.9 from 2.8 in November and this is down 57% from 3.7 in December 2020.
 
The average price in December increased 2% ($963 v $942K) from November 2021 and was up 8% from December 2020. The median price was up 7% from November ($854 v $797) and is up 15% from December 2020. Average and median prices are still down by 20% & 3% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply decreased 19% in December from November (170 vs 209), and was down 28% from December 2020 (170 v 206). Demand in December is down 31% from November (44 vs 64 sales) and up 16% from last December 2020 (44 v 38). Attached home sales are up 29% from the 10 year average of 34 sales.
 
With supply and demand down, current MOS increased 18% to 3.9. That is down 29% from 5.4 in December 2020.
 
Townhouse average prices in December were down 14% from November at $1.59M and were up 14% from $1.39M last December 2020. Median prices were down 4% in December (1.62M v 1.7M) and are up 24% from December 2020. The average price is down 11% from the peak of $1.8M. The median price is up 5.7% from the peak of $1.519M in January 2018.
The December west side detached home listing supply was down 1% from the 10 year average, apartment supply was at the 10 year average and townhome supply was up 4% from the 10 year average.

Demand in December was up from the 10 year average by 4% for detached homes, 32% for apartments and 29% for townhomes.

Median home prices in December are off from the peak, by 7% for detached homes, 3% for apartments but up 6% 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 13.1% to 2,688 this Dec. from 3,093 sales in Dec. 2020. This is a 21.6% decrease from the 3428 homes sold in Nov. 2021.

Dec. 2021 sales were 33.4% above the 10-year Dec. sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 5,236, down 38.7% from 8,538 in Dec. 2020 and down 26.7% from 7,144 last month.

Currently we have just over 5000 homes for sale in the region and this is the lowest level in more than 30 years which implies that prices will be rising in many markets. Last year’s regional sales total was 33.4% above the 10 year average. 

The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in the region totalled 43,999 in 2021; a 42.2% increase from 30,944 sales recorded in 2020, a 73.6% increase from 25,351 sales recorded in 2019 and 4% over the previous all time high of 42,326 sales in 2015.

The bulk of the activity was in the lower price ranges and the west side detached 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 Dec. 2021 is 51.3%. For detached homes it is 35.1%, attached homes are 75.6% and apartments are 60.8%.
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.

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. Nov. prices jumped up but have come back off a little for Dec.

As always, supply and demand will determine prices for the New Year!

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

Best regards,

Stuart