West side detached home listing supply in August was down 1% from the 10 year average for detached homes, at the 10 year average for apartments and down 6% for townhomes.
Demand in August was down from the 10 year average by 19% for detached homes, up 23% for apartments and up 45% for townhomes.
Median home prices in August are off from the peak, by 14% for detached homes, 12% for apartments and 2% for attached homes so they are all selling below peak prices and are still good value for Buyers.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 3.4% to 3,152 this Aug. from 3,047 sales in Aug. 2020. This is a 5.2% decrease from the 3326 homes sold in July 2021.
Aug. 2021 sales were 20.4% above the 10-year Aug. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 9,005 down 29.7% from 12,803 in Aug. 2020 and down 8.6% from 9,850 last month.
For all property types, the sales-to-active listings ratio for July 2021 is 35%.
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.
Supply peaked in June and demand has slowed every month since 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 💝🍬🍫 !
Enjoy the remaining days of the summer as we move into fall! 😎🍊