The supply of westside detached homes in February was 559, down from 514 in January and up 9% compared to 418 last year in February 2021. 
Westside detached home sales this February increased 58% from January (101 vs 64) and were 20% higher than February 2021. This is 11% lower than the February 10 year average of 111 sales.
Months of Supply, (MOS) in February is down 31% from last month to 5.5 from 8 in January and up 11% from February 2021. (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 $3.905M and the median detached home price increased 14% to $3.66M. Current prices are down 14% on average & 5% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in February was $10.3M. It was on the market for 1131 days before it sold. The lowest price was $1.9M. It was on the market for 41 days. Of the 101 sales, 51 received the asking price or more and 50 sold below the asking price.
Westside apartment supply increased 9% in February to 1156 from 1057 in January and decreased 12% from the 1309 listings we had in February 2021. At the same time, demand increased 48% from 332 sales in Jan 2022 to 490 sales and this is up 10% from 445 sales in February 2021. Apartment sales are up 36% from the 10 year average of 361 sales.

MOS in February decreased 26% to 2.4 from 3.2 in January and this is down 20% from 2.9 in February 2021.
The average price in February increased 10% ($$1115 v $1019K) from January 2022 and was up 23% from February 2021. The median price was up 3% from January ($880 v $858) and is up 20% from February 2021. Average prices are still down by 7% from the peak of $1.199M and but median prices are same ($880K) as the peak in January 2018.
Westside townhouse supply increased 14% in February from January (207 vs 181), and was down 1% from February 2021 (207 v 209). Demand in February is up 43% from January (70 vs 49 sales) and up 11% from last February 2021 (70 v 63). Attached home sales are up 41% from the 10 year average of 50 sales.
With supply and demand up, current MOS decreased 20% to 3. That is down 11% from 3.3 in February 2021.
Townhouse average prices in February were up 14% from January at $1.8M and were up 19% from $1.5M last February 2021. Median prices were up 13% in February (1.8M v 1.6M) and are up 35% from February 2021. The average price is up 2% from the peak of $1.8M. The median price is up 17% from the peak of $1.519M in January 2018.
The February west side detached home listing supply was down 14% from the 10 year average, apartment supply was down 1% from the 10 year average and townhome supply was up 7% from the 10 year average.

Demand in February was down from the 10 year average by 9% for detached homes, up 36% for apartments and up 41% for townhomes.

Median home prices in February are off from the peak, by 5% for detached homes, at the peak for apartments and up 17% for attached homes. Detached homes are selling below peak prices and are still good value for Buyers but apartments are at the peak and attached homes have surpassed the peak. 

The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 8.1% to 3,424 this Feb. from 3,727 sales in Feb. 2021. This is a 48.9% increase from the 2285 homes sold in Jan. 2022.

Feb. 2022 sales were 26.9% above the 10-year Feb. sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 6,742, down 19.3% from 8358 in Feb. 2022 and up 19.1% from 5,663 last month. 

The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,313,400 which is an 20.7% increase over Feb. 2021 and is up 4.6% over last month.

We know what $1.313M will buy on the west side so detached westside homes (avg. $3.905M) are not getting that level of heat but west side apartments and townhome sales are.

For all property types, the sales-to-active listings ratio for Feb. 2022 is 50.8%. For detached homes it is 34.9%, attached homes are 64.3% and apartments are 62.2%.
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.

Westside supply peaked in June 2021 and demand is down since the peak in March so prices were softening until Nov. when they peaked and subsequently came off. Demand is on the way up and supply is increasing but unique & sharply priced homes are still receiving multiple offers with prices over the ask.

The Westside remains under supplied and while current prices for detached homes are still below the peak, apartments are flirting with peak prices and attached home prices are higher than ever. 

Recent news reports speak about the need for more new and affordable housing but no one has yet put forth a plan to make that happen. I hope that does come to pass.

As always, supply and demand will determine prices!

Happy St. Patrick's Day! ☘️️💚

Best regards,