The supply of westside detached homes in June was 773, up from 749 in May and up 60% compared to 483 last year in June 2020. 
Westside detached home sales this June decreased 3% from May (112 vs 116) but were 53% higher than pandemic June 2020. Detached home sales are 10% lower than the June 10 year average of 124 sales.
Months of Supply, (MOS) in June is up 7% from last month to 6.9 from 6.5 in May and up 4% from Covid June 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The June average price was down 3% from May to $4.01M and the median detached home price decreased 7% to $3.4M. Current prices are down 12% on average & 13% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in May was $18.5M. It was on the market for 63 days before it sold. The lowest price was $1.765M. It was on the market for 59 days. Of the 112 sales, 33 received the asking price or more and 79 sold below the asking price.
Westside apartment supply increased 4% in June to 1662 from 1595 in May and increased 11% from the 1499 listings we had in June 2020. At the same time, demand decreased 17% to 426 sales v. 514 sales in May but this is up 51% from 282 sales in Covid June 2020. Apartment sales are up 5% from the 10 year average of 404 sales.

MOS in June increased 26% to 3.9 from 3.1 in May and this is down 27% from June 2020.
The average price in June increased 1% to $920 v $909K in May 2021 and was down 1% from June 2020. The median price was relatively unchanged from May ($780 v $775) but is up 4% from last June. Average and median prices are still down by 23% & 11% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 1% in June from May (270 vs 267), and increased 16% from 232 in June 2020. Demand in June is down 34% from May (70 vs 106 sales) but that is up 52% from last June 2020 (270 v 232). Attached home sales are up 12% from the 10 year average of 63 sales.
With supply up and demand down, current MOS increased 53% to 3.9. That is down 23% from 5 in June 2020.
Townhouse average prices in June were down 4% from May at $1.46M and were down 5% from $1.53M last June 2020. Median prices were down 9% in June (1.34M v 1.48M) and are down 13% from June 2020. The average price is down 19% from the peak of $1.8M. The median price is down 13% from the peak of $1.519M in January 2018.
West side detached home listing supply in June was up 2% from the 10 year average for detached homes, up 11% for apartments and up 8% for townhomes.

Demand in June was down from the 10 year average by 10% for detached homes, up 5% for apartments and up 12% for townhomes.

Median home prices in June are off from the peak, by 13% for detached homes, 11% for apartments and 13% for attached homes so detached, attached and apartments are all still selling below peak prices and are still good value for Buyers.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 54% to 3,762 this June from 2,443 sales in June 2020. This is a 11.9% decrease from the 4268 homes sold in May 2021.

June 2021 sales were 18.4% above the 10-year June sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 10,839 down 5.1% from 11,424 in June 2020 and up 1.2% from 10,970 last month.

For all property types, the sales-to-active listings ratio for June 2021 is 34.7%.
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.

While steady price growth is encouraging more sellers to list their homes, low interest rates, increased savings, a stronger economy and continued focus on personal living space continues to boost demand. 

More supply is starting to come on and demand has slowed somewhat as we head towards summer however unique & sharply priced homes are still receiving multiple offers with prices over the ask.

So there remains a high level of optimism regarding real estate and while listings are starting to come on to the market, the westside remains under supplied and current prices are still good value.

Be kind and be careful 💝🍬🍫 !

Stay cool! 😎🎎🎏

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