Spring is in the air! 🐝

The supply of westside detached homes in February was 418, up slightly from 413 in January and down 20% compared to 521 last year in February 2020. 
Westside detached home sales this February increased 27% from January (84 vs 66) and were 40% higher than February 2020. Detached home sales are 30% lower than the February 10 year average of 118 sales.
Months of Supply, (MOS) in February is down 21% from last month to 5.0 from 6.3 in January and down 43% from February 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The February average price was down 4% from January to $3.55M and the median detached home price was unchanged at $3.23M. Current prices are down 22% on average & 14% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in February was $11M. It was on the market for 119 days before it sold. The lowest price was $1.85M. It was on the market for 21 days. Of the 84 sales, 5 received the asking price or more and 79 sold below the asking price.
Westside apartment supply increased 2% in February to 1309 from1283 in January and increased 28% from the 1021 listings we had in February 2020. At the same time, demand increased 57% to 445 sales v. 284 sales in January and this up 70% from 261 sales in February 2020. Apartment sales are up 29% from the 10 year average of 344 sales.

MOS in February decreased 35% to 2.9 from 4.5 in January and this is down 25% from February 2020.
The average price in February decreased 3% - $903 v $934K in January 2020 and was up 3% from Feb 2020. The median price was down 2% from January ($735 v $750) and is down from last February. Average and median prices are still down by 25% & 17% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply decreased 2% in February from January (209 vs 213), and decreased 7% from 224 in February 2020. Demand in February is up 66% (63 v 38 sales) from January and that is up 50% from last February 2020 (63 v 42). Attached home sales are up 33% from the 10 year average of 48 sales.
With supply down and demand up, current MOS decreased to 3.3 from 5.6 in January. That is down 38% from 5.3 in February 2020.
Townhouse average prices in February were up 9% from January ($1.53M v $1.41M) and were up 18% from $1.3M last February 2020. Median prices were down 9% ($1.34M v $1.47M) in January and are up 13% from February 2020. Average & median prices are still down 15% & 13% respectively from the peak of $1.8M & $1.519M in January 2018.
West side detached home listing supply in Feb. was down from the 10 year average by 37% for detached homes, but up 7% for apartments and 5% for townhomes.

Demand in Feb. was down from the 10 year average by 29% for detached homes but up 29% for apartments and 33% for townhomes.

Median home prices in Feb. are off from the peak, by 14% for Detached homes, 17% for Apartments and 13% for Attached Homes so all property types are still good value for Buyers. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 73.3% to 3,727 this Feb. from 2,150 sales in Feb. 2020. This is a 56% increase from the 2,389 homes sold in Jan. 2021.

Feb. 2021 sales were 42.8% above the 10-year Feb. sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 8,358 down 9.1% from 9,195 in Feb. 2020 but up .6% from 8,306 last month.

For all property types, the sales-to-active listings ratio for Feb. 2021 is 44.6%.
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.

There remains a high level of optimism in the market and listings usually start to come on to the market in the spring to take advantage of that. Currently the westside detached homes are still undersupplied while the attached and apartment markets have more supply than usual.

The typical, seasonal demand is higher this year as travel plans are curbed due to Covid and buyers are staying at home and buying real estate. This is increasing pressure on supply and prices have been rising for detached and attached homes..

Buyers in the market today are frustrated by the lack of supply and sharply priced homes are receiving multiple offers with prices over the ask. Short supply, low interest rates and steady demand will keep pressure on buyers but current prices are still well below the peak and are therefore good value. 

Be kind and be careful 💝🍬🍫 and, have a Happy St. Patrick's Day! 🍀🇮🇪🤞🏼

Best regards,