Kitsilano condo sales rise in May while single family home market balanced

 Kitsilano condos & townhomes see surge in sales in May 
 
The Kitsilano neighbourhood in Vancouver saw strong sales activity in May though inventory remains very high. Since the spring the greatest demand remains for one bedroom condos.

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 condo market had a 34% list to sales ratio, resulting from 117 listings and 40 sales in May. The Fairview condo market was again the most active on the Westside last month.  

The BIGGER picture 

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

Overall a balanced market at 21% list to sales ratio (2.1 out of 10 selling rate)
The most active price range was for homes priced between $500k-$600K with a 48% list to sales ratio
Homes are selling on average at 3% below list price.
Buyer’s Best Bet: Homes between $2M to $2.25M, Quilchena, South Cambie, South Granville & minimum 4 bedroom properties
Seller’s Best Bet: Selling Homes in Fairview, Mount Pleasant, and up to 1 bedroom properties

In May this year condo and townhouse inventory decreased by 2%, benchmark prices increased by 3%, while total sales increased by 48%.

Single family homes

Kitsilano’s single family home market was in balanced market with a 19% list to sales ratio. There were 42 listings with 8 sales in the month of May.

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

Overall a balanced market with a 12% sales to list ratio (1.2 in 10 homes selling rate)
Most active price band is $2M to $2.25M with an avg 53% list to sales ratio.
Homes are selling on average 8% below list price.
Buyer’s Best Bet: Homes $5M+ plus, SW Marine, Shaughnessy, Southlands, University, and minimum 7 bedroom properties
Seller’s Best Bet: Selling Homes in Dunbar and up to 2 bedroom properties
 
In May single family home inventory on Vancouver’s Westside increased by 1%, benchmark sale prices decreased by 5%, and solds increased by 33% when compared to April. 

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.