Greetings!

The supply of westside detached homes in May was 749, up from 643 in April and up 66% compared to 450 last year in May 2020. 
 
Westside detached home sales this May decreased 17% from April (116 vs 139) but were 123% higher than pandemic May 2020. Detached home sales are 19% lower than the May 10 year average of 144 sales.
Months of Supply, (MOS) in May is up 40% from last month to 6.5 from 4.6 in April and down 25% from Covid May 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The May average price was up 6% from April to $4.15M and the median detached home price increased 10% to $3.6M. Current prices are down 9% on average & 6% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in April was $19.15M. It was on the market for 24 days before it sold. The lowest price was $1.68M. It was on the market for 82 days. Of the 116 sales, 51 received the asking price or more and 65 sold below the asking price.
Westside apartment supply increased 6% in May to 1595 from 1508 in April and increased 26% from the 1268 listings we had in May 2020. At the same time, demand was relatively unchanged - 514 sales v. 512 sales in April but this is up 189% from 178 sales in Covid May 2020. Apartment sales are up 23% from the 10 year average of 417 sales.

MOS in May increased 5% to 3.1 from 2.9 in April and this is down 56% from May 2020.
 
The average price in May decreased 7% to $909 v $974K in April 2021 and was down 1% from May 2020. The median price was down 5% from April ($775 v $815) but is up 5% from last May. Average and median prices are still down by 24% & 12% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 6% in May from April (267 vs 262), and increased 34% from 199 in May 2020. Demand in May is down 4% from April (106 vs 110 sales) but that is up 203% from last May 2020 (106 v 35). Attached home sales are up 53% from the 10 year average of 70 sales.
 
With supply up and demand down, current MOS increased 6% to 2.5. That is down 56% from 5.7 in May 2020.
 
Townhouse average prices in May were unchanged from April at $1.51M but were up 20% from $1.26M last May 2020. Median prices were up 5% in May (1.48M v 1.4M) and are up 23% from May 2020. The average price is down 15% from the peak of $1.8M. The median price is down 4% from the peak of $1.519M in January 2018.
West side detached home listing supply in May was at the 10 year average for detached homes, but up 75% for apartments and up 10% for townhomes.

Demand in May was down from the 10 year average by 20% for detached homes, up 23% for apartments and up 53% for townhomes.

Median home prices in May are off from the peak, by 6% for detached homes, 12% for apartments and 4% 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 187.4% to 4,268 this May from 1,485 sales in May 2020. This is a 13% decrease from the 4908 homes sold in April 2021.

May 2021 sales were 27.7% above the 10-year May sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 10,970 up 10.5% from 9,927 in May 2020 and up 7.1% from 10,245 last month.

For all property types, the sales-to-active listings ratio for May 2021 is 38.9%.
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 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 💝🍬🍫 !

Happy Father's Day ðŸ‘” 💙💯🥇

Best regards,

Stuart