West side detached home listing supply in April was down from the 10 year average by 12% for detached homes, but up 9% for apartments and up 12% for townhomes.
Demand in April was up from the 10 year average by 1% for detached homes, 36% for apartments and 65% for townhomes.
Median home prices in April are off from the peak, by 14% for detached homes, 7% for apartments and 9% for attached homes so detached, attached and apartments are all still good value for Buyers.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 342.6% to 4,908 this Apr. from 1,109 sales in Apr. 2020. This is a 14% decrease from the 5,708 homes sold in March 2021.
Apr. 2021 sales were 56.2% above the 10-year Apr. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 10,245 down 9.1% from 9,389 in Apr. 2020 and up 12% from 9,145 last month.
Today’s active listing total is 11.2% below the 10 year April average.
For all property types, the sales-to-active listings ratio for Apr. 2021 is 47.9%.
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.
Buyers are still frustrated by a lack of supply and sharply priced homes are 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 Mother's Day 💐🌹🌺