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! 🍀🇮🇪🤞🏼