Happy holidays to you and your family.

The supply of westside detached homes in November was 529, down 9% from 579 in October and down 17% compared to 637 last year in November 2019. 
Westside detached home sales this November decreased 16% from October (91 vs 108) and were 38% higher than November 2019. Detached home sales are 8% less than the November 10 year average of 99 sales.
Months of Supply, (MOS) in November is up 8.4% from last month to 5.8 from 5.4 in October and down 40% from November 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 7 to 10 MOS). The November average price was up 1% from October to $3.474M and the median detached home price was basically unchanged. Current prices are down 23% on average & 22% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in November was $9.7M. It was on the market for a short 2 days before it sold. The lowest price was $1.66M for a house on a 40'x54' lot. It was on the market for 8 days. Of the 91 sales, 31 received the asking price or more and 60 sold below the asking price. 
Westside apartment supply decreased 10% in November to 1763 vs 1948 in October and this is up 52% from the 1158 listings we had in November 2019. At the same time, demand decreased 14% to 315 sales v. 365 sales in October and this up 3% from 305 sales in November 2019. Apartment sales are down 1% from the 10 year average of 319 sales.

MOS in November increased 5% to 5.6 from 5.3 in October and is up 47% from 3.8 MOS last November 2019.
The average price in November decreased 14% - $836 v $970K in October 2020 and was down 12% from Nov 2019. The median price remained relatively unchanged from October ($755 v $760) and is down 3% from last November. Average and median prices are still down by 30% & 14% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply decreased 9% in November (250 vs 275) from October and decreased 4% from 260 in November 2019. Demand in November is down 13% to 60 sales from 69 in October and that is up 76% from last November 2019. Attached home sales are up 30% from the 10 year average of 46 sales.
With supply and demand down, current MOS increased to 4.2 from 4 in October. That is down 46% from 7.6 in November 2019.
Townhouse average prices in November remained relatively unchanged at $1.44M from October and were up 14% from $1.3M last November 2019. Median prices decreased 3% to $1.302M from $1.34M in November and are up 5% from November 2019. Average prices are still down 20% from the peak of $1.8M in January 2018. Median prices are down 16% from the peak of $1.519M in January 2018.
West side detached home listing supply in Nov. is down from the 10 year average by 20% for detached homes, but up 33% for apartments and 15% for townhomes.

Demand in Nov. was down from the 10 year average by 8% for detached homes, 1% for apartments but up 46% for townhomes.

Median home prices in Nov. are off from the peak, by 22% for Detached homes, 14% for Apartments and 16% 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 22.7% to 3064 this Nov. from 2498 sales in Nov. 2019. This is a 16.9% decrease from the 3687 homes sold in Oct. 2020. 

Nov. 2020 sales were 24.6% above the 10-year Oct sales average. (Regional stat)

The total number of properties currently offered on the MLS® system in Metro Vancouver is 11,118 up 3.2% from 10,770 in Nov. 2019. This is down 10.5% from last month.

For all property types, the sales-to-active listings ratio for Nov. 2020 is 27.6%.
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 are holding off listing their homes and westside detached homes are still undersupplied. Buyers in the market today are frustrated by the lack of supply and sharply priced homes are receiving multiple offers and increased selling prices. This short supply, low interest rates and steady demand will keep pressure on buyers. Current prices are still well below the peak and are therefore good value. The typical, seasonal drop in demand due to buyers and sellers leaving for vacation may be different this year as travel plans are curbed due to Covid. This could increase pressure on the real estate supply and prices.

Be kind and be careful.

Have a safe and healthy holiday season and all the best for 2021! 🎉

Best regards,

Stuart 🎅🎁🔔