West side detached home listing supply in September was down 4% from the 10 year average for detached homes, up 8% from the 10 year average for apartments and down 15% for townhomes.
Demand in September was down from the 10 year average by 16% for detached homes, up 9% for apartments and up 33% for townhomes.
Median home prices in September are off from the peak, by 18% for detached homes, 10% for apartments and 6% 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 13.6% to 3,149 this Sept. from 3,643 sales in Sept. 2020. This is a .1% decrease from the 3152 homes sold in Aug. 2021.
Sept. 2021 sales were 20.8% above the 10-year Sept. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 9,236 down 29.5% from 13,096 in Sept. 2020 and down 2.6% from 9,005 last month.
For all property types, the sales-to-active listings ratio for July 2021 is 34.1%.
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 softened, however unique & sharply priced homes are still receiving multiple offers with prices over the ask.
There remains a high level of optimism regarding real estate but the westside remains under supplied and current prices are good value.
Be kind and be careful 💝🍬🍫 !
Happy Thanksgiving! 🦃 🥧🍁