Dear Stuart,

As we wrap up 2025, the Westside real estate market reflects a continued shift towards balance, driven by higher inventory levels and evolving buyer demand. Here's a breakdown of the latest trends and what to expect in the months ahead.

Westside detached home sales in December are down 23.3% compared to last month. The supply of listings was also down 13.2% from last month.

Compared to the 10-year average, supply is up 11% for detached homes, while apartment supply is up 49%, and townhomes are up 68%.

Demand, when compared to the 10-year averages, is down by 22% for detached homes, down 12% for apartments but townhomes are up by 26%.

In December, the westside Detached Home average price was down 22% from the peak in August 2023. The Attached home average price was up 2% from the peak in Apr 2024 and the Apartment average price was down 8% from the peak in January 2018.

We are now seeing the higher inventory levels the market has been expecting since the BoC started raising rates and that along with zoning encouraging higher density and more supply has resulted in a more balanced market and some price relief for buyers. That being said, unique and well priced homes are still getting multiple offers and prices over asking.

Further rate cuts if they come this year should encourage demand and bolster prices but we are also further into the mortgage renewal cycle and many mortgage holders have yet to hit their renewal dates under the higher rates….

Sales picked up in October and remained strong in November but slowed in Dec. & are expected to remain slow in January before starting up again in February through June.

Westside prices look to have started up slightly in response to the interest rate declines, particularly in the apartment and townhouse markets so we will see if that continues into the detached house market as well.

The industry would love to think 2024 was a year when the trend shifted from rising rates to falling mortgage costs for home buyers but that remains to be seen. The listings have shown up but now we need to buyers to show up in numbers. February to June is usually that time!

Thinking of Selling? Let’s Talk!

With higher inventory and potential demand on the horizon, now is a great time to start planning your sale. The market is showing signs of balance, and strategic pricing will be key to achieving the best results.

📞 Call me today to discuss your options and make the most of the upcoming selling season.

Happy New Year and all the best for 2025.

Best regards

Stuart *ੈ✩‧₊˚🥂*ੈ✩‧₊˚

Detailed information on the Westside detached homes market in December. Here's a summary of the key points:

• Supply:
• In December, the supply of Westside detached homes was 13% lower compared to November, with a total of 570 homes available, down from 657.
• This is an increase of 16% compared to December 2023 when there were 490 homes on the market.
• Demand:
• Sales of Westside detached homes in December were down 23% from November, with 46 homes sold.
• Sales were up 35% compared to December 2023, which had 34 sales.
• The number of sales remains 22% lower than the ten-year average of 59 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in December increased by 13% from the previous month, with a current MOS of 12.4 compared to 11 in November.
• This represents a 14% decrease from November 2023.
• A MOS between 7 to 10 is typically considered a balanced market, where prices tend to remain relatively stable.
• Pricing:
• The average detached home price in December decreased 22% and median decreased 16% from August 2023's peak.
• The average price is $3.72 million, and the median price is $3.55 million.
• Current prices are down 7.4% on average and up 3.2% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in December ranged from a low of $2.028 million to a high of $10.08 million. The most expensive property took 132 days to sell, while the least expensive sold in 31 days.
• Of the 46 homes sold, only 5 sold at or above their asking price, indicating a buyer's market.

These statistics provide a comprehensive overview of the Westside detached homes market in December shedding light on changes in supply, demand, pricing, and notable sale prices.

Detailed information on the Westside apartment market in December. Here's a summary of the key points:

• Supply:
• In December, the supply of Westside apartments was down 17% compared to November, with a total of 1,485 apartments available for sale.
• This number is up by 16% from December 2023.
• Demand:
• Demand for Westside apartments decreased by 12% in December, with 221 sales compared to 250 sales in November.
• The number of sales in December was up 25% from the same month last year, which had 177 sales.
• Apartment sales are down 120% from the ten-year average of 251 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in December decreased by 6.5% compared to November, to 6.7.
• This is an decrease of 7% from the MOS of 7.2 in December 2023.
• Prices:
• The average price of Westside apartments in December increased 13% from November, with the average price at $1,108,374
• It was up 6.5% from December 2023.
• The median price was up 2.5% to $860K and is up 4.2% from December 2023.
• Average prices are down 7.5% below the peak of $1,199,000 in January 2018, and median prices are 3.1% below the peak of April 2022.

These statistics provide a comprehensive picture of the Westside apartment market in December, highlighting changes in supply, demand, pricing, and their respective trends over time.

Detailed information on the Westside townhouse market in December. Here's a summary of the key points:

• Supply:
• In December, the supply of Westside townhouses decreased by 17% compared to November, with a total of 302 townhouses available for sale.
• The supply was up 43% from November 2023, which had 211 townhouses on the market.
• Demand:
• The demand for townhouses in December decreased by 42%, with 39 sales.
• The number of sales in December increased by 70% from the same month last year, which had 23 sales.
• Attached home sales are 26% above the ten-year average of 31 sales.
• Months of Supply (MOS):
• With the decrease in supply and decrease in demand, the current Months of Supply (MOS) for townhouses increased by 43%, to 7.7
• This is 16% lower than the MOS of 9.2 in December 2023.
• Prices:
• The average price of townhouses in December was $1.89 million, up 12% from November.
• It increased 13% from December 2023 when the average price was $1.66 million.
• The median price in December was $1.855 million, an 18% increase from November ($1.575 million), and 17% higher than December 2023.
• Average prices for townhouses are up 2% from its peak. Median prices up 2% from its peak. The average peak of $1.867 million in April 2024, and the median peak of $1.834 million in June 2023.

These statistics provide a comprehensive overview of the Westside townhouse market in December, indicating changes in supply, demand, pricing, and their respective trends over time.