Happy Thanksgiving! 🍗

The supply of westside detached homes in September was 597, up 3.6% from 576 in August and down 12% compared to 675 last year in September 2019. 
Westside detached home sales this September increased 13% from August (102 vs 90) and were 73% higher than September 2019. Detached home sales are near the August 10 year average of 101 sales.

Months of Supply, (MOS) in September was down 8.5% from last month to 5.9 from 6.4 in August and down 49% from September 2019. (A balanced market used to be in the range between 4-7 MOS with prices rising below 4 MOS and falling above 7 MOS but in the last couple of years that seems to have shifted and now appears to be 7 to 10 MOS). The September average price was up 18% from August to $3.77M and the median detached home price was up 9% to $3.27M. Current prices are down 17% on average & 15% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in September was $23M. It was on the market for 16 days before it sold. The lowest price was $1.45M. It was on the market for 477 days. Of the 102 sales, 30 received the asking price or more and 72 sold below the asking price. 
Westside apartment supply increased 8% in September to 1963 vs 1815 in August and this is up 34% from the 1463 listings we had in September 2019. At the same time, demand increased 10% to 377 sales v. 343 sales in August and this is up 24% from 303 sales in September 2019. Apartment sales are up13% from the 10 year average of 334 sales.

MOS in September decreased slightly to 5.2 from 5.3 in August and is up 8% from 4.8 MOS last September 2019.
The average price in September increased 1% - $954 v $946K in August 2020 and was up 2% from Sept 2019. The median price decreased 4% from August ($745 v $775) and is down 6% from last September. Average and median prices are still down by 20% & 15% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 11% in September (289 vs 260) from August but remains basically unchanged from 288 in September 2019. Demand in September is down 2% to 54 sales from 55 in August but that is up 28% from last September 2019. Attached home sales are up 14% from the 10 year average of 48 sales.
With supply up and demand down, current MOS increased to 5.4 from 4.7 in August. That is down 27% from 7.4 in September 2019.
Townhouse average prices in September were down 8% to $1.42M from August and were up 5% from $1.35M last September 2019. Median prices decreased 5.7% to $1.27M from $1.345M in August and are down 5% from September 2019. Average prices are still down 21% from the peak of $1.8M in January 2018. Median prices are down 18% from the peak of $1.519M in January 2018.
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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Be kind and be careful.

Best regards,