I hope you and your family enjoyed a safe and healthy Labour Day 🌅.

The supply of westside detached homes in August was 576, up 7.5% from 536 in July and down 13% compared to 661 last year in August 2019. 
Westside detached home sales this August increased 18% from July (90 vs 76) and were 61% higher than August 2019. Detached home sales are 3% below the August 10 year average of 93 sales.
Months of Supply, (MOS) in August was down 9% from last month to 6.4 from 7.1 in July and down 46% from August 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 8 to 10 MOS). The August average price was down 12% from July to $3.19M and the median detached home price was down 2% to $2.99M. Current prices are down 30% on average & 22% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in August was $12.28M. It was on the market for 345 days before it sold. The lowest price was $1.557M. It was on the market for 10 days. Of the 90 sales, 28 received the asking price or more and 62 sold below the asking price. 
Westside apartment supply increased 8% in August to 1815 vs 1687 in July and this is up 33% from the 1368 listings we had in August 2019. At the same time, demand increased slightly (1.2%) to 343 sales v. 339 sales in July and this is up 9% from 314 sales in August 2019. Apartment sales are down 2 from the 10 year average of 349 sales.

MOS in August increased to 5.3 from 5 in July and is up 21% from 4.4 MOS last August 2019.
The average price in August decreased 2% - $946 v $962K in July 2020 and was up 10% from Aug 2019. The median price increased 5% from July ($775 v $735) and is up 2% from last August. Average and median prices are still down by 21% & 12% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 4% in August (260 vs 249) from July but that's down 7% from 280 in August 2019. Demand in August is down 3.5% to 55 sales from 57 in July but that is up 20% from last August 2019. Attached home sales are up 5% from the 10 year average of 52 sales.
With supply up and demand down, current MOS increased to 4.7 from 4.4 in July. That is down 22% from 6.1 in August 2019.
Townhouse average prices in August were up 4% to $1.53M from July and were up 10% from $1.39M last August 2019. Median prices increased 3.5% to $1.345M from $1.3M in July and are up 2% from August 2019. Average prices are still down 14% from the peak of $1.8M in January 2018. Median prices are down 13% from the peak of $1.519M in January 2018.
While west side listing supply in August has increased, it is down from the 10 year average by 21% for detached homes, but up 28% for apartments and up 13% for townhomes.

Demand in August was down from the 10 year average by only 3% for detached homes & 2% for apartments but up 5% for townhomes.

Median home prices are down from July and off from the peak, by 22% for Detached homes, 12% for Apartments and 13% 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 36.6% to 3047 this Aug from 2231 sales in August 2019. This is a 2% decrease from the 3128 homes sold in July 2020. 

August 2020 sales were 19.9% above the 10-year August sales average. (Regional stat)

The total number of properties currently offered on the MLS® system in Metro Vancouver is 12803, down 4.4% from 13396 in Aug 2019. This is up 6% from last month.

For all property types, the sales-to-active listings ratio for July 2020 is 23.8%.
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. 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. 

Be kind and be careful.

Best regards,