The supply of westside detached homes in August was 728, down slightly from 733 in July and up 26% compared to 576 last year in August 2020. 
Westside detached home sales this August decreased 22% from July (71 vs 91) and were 20% lower than pandemic August 2020. This is also 19% lower than the August 10 year average of 87 sales.
Months of Supply, (MOS) in August is up 26% from last month to 10.1 from 8.1 in July and up 58% from August 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The August average price was up 5% from July to $3.84M and the median detached home price increased 3.1% to $3.3M. Current prices are down 15% on average & 14% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in August was $9.238M. It was on the market for 330 days before it sold. The lowest price was $1.811M. It was on the market for 7 days. Of the 71 sales, 15 received the asking price or more and 56 sold below the asking price.
Westside apartment supply decreased 9% in August to 1416 from 1550 in July and decreased 22% from the 1815 listings we had in August 2020. At the same time, demand increased 5% to 443 sales v. 421 sales in July and this is up 29% from 343 sales in August 2020. Apartment sales are up 23% from the 10 year average of 360 sales.

MOS in August decreased 13% to 3.2 from 3.7 in July and this is down 40% from August 2020.
The average price in August increased 7% to $960 v $894K in July 2021 and was up 1.5% from August 2020. The median price was down slightly from July ($775 v $780) and is unchanged from last August. Average and median prices are still down by 20% & 12% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply decreased 14% in August from July (215 vs 251), and was down 17% from August 2020 (215 v 260). Demand in August is up 41% from July (79 vs 56 sales) and up 44% from last August 2020 (79 v 55). Attached home sales are up 45% from the 10 year average of 55 sales.
With supply down and demand up, current MOS decreased 39% to 2.7. That is down 42% from 4.7 in August 2020.
Townhouse average prices in August were down 7% from July at $1.57M and were up 3% from $1.53M last August 2020. Median prices were up 11% in August (1.51M v 1.37M) and are up 12% from August 2020. The average price is down 12% from the peak of $1.8M. The median price is down 2% from the peak of $1.519M in January 2018.
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! 😎🍊

Best regards,