While west side listing supply in Sept has increased, it is down from the 10 year average by 23% for detached homes, but up 30% for apartments and up 15% for townhomes.
Demand in Sept was up from the 10 year average by only 1% for detached homes but up 13% for apartments and 14% for townhomes.
Median home prices are down from Aug and off from the peak, by 16.9% for Detached homes, 20.4% for Apartments and 21% 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 56.2% to 3643 this Sept from 2333 sales in Sept 2019. This is a 19.6% increase from the 3047 homes sold in Aug 2020.
Sept 2020 sales were 44.8% above the 10-year Sept sales average. (Regional stat)
The total number of properties currently offered on the MLS® system in Metro Vancouver is 13096, down 2% from 13439 in Sept 2019. This is up 2.3% from last month.
For all property types, the sales-to-active listings ratio for July 2020 is 27.8%.
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.
Many people who were holding off listing their homes because of Covid have gradually been coming back to the market but westside detached homes are still undersupplied. Buyers in the market today are still frustrated by the lack of good homes to buy and sharply priced homes are receiving multiple offers and increased selling prices. The short supply and steady demand will keep pressure on buyers even if prices soften. Current prices are still well below the peak and are therefore good value.
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