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 💝🍬🍫 !
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