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.