While listing supply in June has increased, it is still down from the 10 year average by 35% (det), 1% only (apt) and 26% (att) and all areas are improved from May.
Home prices are up from May but off from the peak, by, on average, 22% for Detached homes, 23% for Apartments and 15% for Attached Homes so all property types still appear to be good value for Buyers.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 17.6% to 2443 this June from 2077 sales in May 2019. This is a 64.5% increase from the 1485 homes sold in May 2020.
June 2020 sales were 21.9% below the 10-year May sales average. (Regional stat)
The total number of properties currently offered on the MLS® system in Metro Vancouver is 11424, down 23.7% from 14968 in June 2019. This is up 15.1%% from last month.
For all property types, the sales-to-active listings ratio for June 2020 is 21.4%.
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.
Regional numbers are below historical 10 year averages, so westside properties, even further below the the 10 year averages are better relative value. Except for apartments current supply is down dramatically and that is keeping prices stable even in the face of reduced demand.
Many people who were holding off listing their homes because of Covid have gradually been coming back to the market. Buyers in the market today are still frustrated by the lack of good homes to buy and sharply priced homes are receiving multiple offers and increased selling prices. The short supply and increasing demand will make it harder for buyers and prices continue to strengthen. Current prices are still well below the peak and are therefore good value.
This is still a Buyers market so if you have been thinking of making a purchase you should do so while the market factors are in your favour.
Be kind and be careful.