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 👔 💙💯🥇