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. 🌃🥂🎇