Kitsilano condo market resilient while single family home sales jump

 

Vancouver West October Market Analysis 

Condos & Townhomes - Not much of a slowdown 

Vancouver’s westside and Kitsilano remained officially in a “Seller’s” market in October despite the softening seen in many parts of Metro Vancouver. 

How do we know? List to Sales Ratio 

  • A buyer’s market has a 0-12% list to sales ratio
  • A balanced market has a 12-20% list to sales ratio
  • A seller’s market has a 21% or greater list to sales ratio

Kitsilano real estate had a 31% list to sales ratio, resulting from 129 listings and 40 sales in October. The Kitsilano market though strong, was exceeded by Dunbar, Fairview, and Quilchena.  

The BIGGER picture 

Here’s the breakdown for condo’s & town homes on Vancouver’s Westside in October:

Overall a Sellers market at 22% list to sales ratio (2.2 out of 10 selling rate)
The most active price range was for homes priced between $400k-$500K.
Homes are selling on average at 4% below list price.
Buyer’s Best Bet: Homes between $1.75M to $2M, Point Grey, Shaughnessy, South Cambie & minimum 4 bedroom properties
Seller’s Best Bet: Selling Homes in Fairview, Kitsilano, Quilchena, and up to 1 bedroom properties

In October this year condo and townhouse inventory decreased by 3%,  benchmark prices decreased by 1%, while total sales rose by a whopping 49%.

Single family Homes - Prices and Sales Rise

Kitsilano’s single family home real market is in a balanced market with a 14% list to sales ratio.

Here’s the breakdown for single family homes on Vancouver’s Westside in October:

Overall a buyers market with a 9% sales to list ratio
  Most active price band is $2M to $2.5M.
Homes are selling on average 8% below list price
. Buyer’s Best Bet: Homes $4M to $4.5M in Marpole minimum up top 7 bedroom properties
Seller’s Best Bet: Selling Homes in Quilchena and 3 to 4 bedroom properties 

In October single family home inventory on Vancouver’s Westside decreased by 2%, sale prices rose by 20%, and sales increased by 67%. 

Thinking of buying or selling? Over 10 years of serving clients in the Kitsilano area

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All stats derived from Dean Wegman & SnapStats.