Greetings!

The supply of westside detached homes in September was 742, up slightly from 728 in August and up 24% compared to 597 last year in September 2020. 
 
Westside detached home sales this September increased 13% from August (80 vs 71) and were 22% lower than pandemic September 2020. This is also 16% lower than the September 10 year average of 85 sales.
Months of Supply, (MOS) in September is down 10% from last month to 9.3 from 10.3 in August and up 58% from September 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The September average price was down 6% from August to $3.63M and the median detached home price decreased 3.8% to $3.17M. Current prices are down 20% on average & 18% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in September was $9.7M. It was on the market for 413 days before it sold. The lowest price was $1.8M. It was on the market for 736 days. Of the 80 sales, 29 received the asking price or more and 51 sold below the asking price.
Westside apartment supply increased 12% in September to 1579 from 1416 in August and decreased 20% from the 1963 listings we had in September 2020. At the same time, demand decreased 6% to 418 sales v. 443 sales in August and this is up 11% from 377 sales in September 2020. Apartment sales are up 9% from the 10 year average of 345 sales.

MOS in September increased 18% to 3.8 from 3.2 in August and this is down 28% from September 2020.
 
The average price in September remained relatively unchanged $955 v $960K in August 2021 and was relatively unchanged from September 2020. The median price was up 2% from August ($792 v $775) and is up 6% from last September. Average and median prices are still down by 20% & 10% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply decreased 4% in September from August (206 vs 215), and was down 29% from September 2020 (206 v 289). Demand in September is down 18% from August (65 vs 79 sales) and up 20% from last September 2020 (65 v 54). Attached home sales are up 33% from the 10 year average of 49
sales.
 
With supply and demand down, current MOS increased 17% to 3.2. That is down 41% from 5.4 in September 2020.
 
Townhouse average prices in September were up 7% from August at $1.69M and were up 19% from $1.42M last September 2020. Median prices were down 4% in September (1.45M v 1.5M) and are up 14% from September 2020. The average price is down 6% from the peak of $1.8M. The median price is down 6% from the peak of $1.519M in January 2018.
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! 🦃 🥧🍁

Best regards,

Stuart