The supply of westside detached homes in May was 721, up 5% from 685 in April and down 4% compared to 749 last year in May 2021. 
Westside detached home sales this May decreased 10% from April (82 vs 91) and were 29% lower than May 2021. This is 41% lower than the May 10 year average of 140 sales.
Months of Supply, (MOS) in May is up 17% from last month to 8.8 from 7.5 in April and up 36% from May 2021. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The May average price was down 6% from April to $4.15M and the median detached home price decreased 7% to $3.54M. Current prices are down 8.6% on average & 7.9% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in May was $22M. It was on the market for 18 days before it sold. The lowest price was $1.89M. It was on the market for 29 days. Of the 82 sales, 28 received the asking price or more and 54 sold below the asking price.
Westside apartment supply increased 8% in May to 1467 from 1359 in April and decreased 8% from the 1595 listings we had in May 2021. At the same time, demand decreased 8% from 465 sales in Apr 2022 to 430 sales and this is down 16% from 514 sales in May 2021. Apartment sales are up 2% from the 10 year average of 420 sales.

MOS in May increased 17% to 3.4 from 2.9 in April and this is up 10% from 3.1 in May 2021.
The average price in May decreased 6% ($1007 v $1068K) from April 2022 and was up 11% from May 2021. The median price was down 6.5% from April ($830 v $888) and is up 7% from May 2021. Average prices are still down by 16% from the peak of $1.199M and median prices are down 6% from the peak in January 2018.
Westside townhouse supply increased 3% in May from April (250 vs 244), and was down 6% from May 2021 (250 v 267). Demand in May is up 15% from April (67 vs 58 sales) and down 37% from last May 2021 (67 v 106). Attached home sales are down 6% from the 10 year average of 71 sales.
With supply up and demand up, current MOS decreased 11% to 3.7. That is up 48% from 2.5 in May 2021.
Townhouse average prices in May were relatively unchanged from April at $1.66M and were up 10% from $1.51M last May 2021. Median prices are down in May from April (1.55M v 1.634M) and are up 5% from May 2021. The average price is down 7% from the peak of $1.8M. The median price is up .8% from the peak of $1.519M in January 2018.
The May west side detached home listing supply was up 1% from the 10 year average, apartment supply was up 6% from the 10 year average and townhome supply was up 8% from the 10 year average.

Demand in May was down from the 10 year average by 41% for detached homes, up 2% for apartments and down 6% for townhomes.

Median home prices in May are off from the peak, by 9% for detached homes, are off 6% from the peak for apartments and up 1% for attached homes.

Current prices are similar to those from 1 year ago.

Supply rising, demand falling and interest rates also rising suggests prices will continue to soften. 

The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 31.6% to 2,918 this May from 4,268 sales in May 2021. This is a 9.7% decrease from the 3232 homes sold in April 2022.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 6,377, down 10.5% compared to May 2021 and up 4.4% from 6107 last month. 

The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,262,100 which is a 14.7% increase over May 2021 but is down .3% from last month.

For all property types, the sales-to-active listings ratio for May 2022 is 29.2%. For detached homes it is 18.3%, attached homes are 35.5% and apartments are 38.1%.

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.

We will see how our supply & demand shakes out over the next month.

Happy Fathers Day! 💖

Best regards,