West side detached home listing supply in October was down 6% from the 10 year average for detached homes, up 6% from the 10 year average for apartments and down 8% for townhomes.
Demand in October was down from the 10 year average by 9% for detached homes, up 16% for apartments and up 16% for townhomes.
Median home prices in October are off from the peak, by 17% for detached homes, 6% for apartments and 3% for attached homes so they are all selling below peak prices and are still good value for Buyers, particularly detached homes.
The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 5.2% to 3,494 this Oct. from 3,687 sales in Oct. 2020. This is a 11% increase from the 3149 homes sold in Sept. 2021.
Oct. 2021 sales were 22.4% above the 10-year Oct. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 8,034 down 35.3% from 12,416 in Oct. 2020 and down 13% from 9,236 last month.
For all property types, the sales-to-active listings ratio for Oct. 2021 is 43.5%.
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 and demand is down since the peak March so prices have been softening, however Oct. demand is up and supply is down so unique & sharply priced homes are still receiving multiple offers with prices over the ask.
The westside remains under supplied and current prices are good value but it will be a surprise if Nov. sales volumes are higher than Oct. and Dec. & Jan. are usually the slowest months of the year.
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