Greetings!

The supply of westside detached homes in April was 643, up from 541 in March and up 44% compared to 447 last year in April 2020. 
 
Westside detached home sales this April decreased 2% from March (139 vs 142) and were 276% higher than pandemic April 2020. Detached home sales are 1% higher than the April 10 year average of 138 sales.
Months of Supply, (MOS) in April is up 21% from last month to 4.6 from 3.8 in March and down 62% from Covid April 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The April average price was down 4% from March to $3.92M and the median detached home price decreased 7% to $3.3M. Current prices are down 14% on average & on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in April was $16.38M. It was on the market for 687 days before it sold. The lowest price was $1.78M. It was on the market for 9 days. Of the 139 sales, 65 received the asking price or more and 74 sold below the asking price.
Westside apartment supply increased 16% in April to 1508 from 1302 in March and increased 37% from the 1102 listings we had in April 2020. At the same time, demand decreased 18% to 512 sales v. 628 sales in March but this is up 297% from 129 sales in Covid April 2020. Apartment sales are up 36% from the 10 year average of 376 sales.

MOS in April increased 42% to 2.9 from 2.1 in March and this is down 66% from April 2020.
 
The average price in April increased 5% to $974 v $929K in March 2021 and was up 12% from April 2020. The median price was up 6% from March ($815 v $768) and is up 9% from last April. Average and median prices are still down by 19% & 7% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 2% in April from March (262 vs 256), and increased 31% from 200 in April 2020. Demand in April is up 3% from March (110 vs 107 sales) and that is up 293% from last April 2020 (110 v 28). Attached home sales are up 65% from the 10 year average of 67 sales.
 
With supply up and demand up, current MOS remained unchanged at 2.4. That is down 67% from 7.1 in April 2020.
 
Townhouse average prices in April were down 7% from March ($1.52M v $1.63M) but were up 25% from $1.2M last April 2020. Median prices were down 9% in March (1.4M v 1.55M) but are up 23% from April 2020. The average price is down 15% from the peak of $1.8M. The median price is down 9% from the peak of $1.519M in January 2018.
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 💐🌹🌺

Best regards,

Stuart