Condo inventory decreasing and prices rising on Vancouver's Westside 

The Kitsilano neighbourhood in Vancouver saw strong market activity in August as the trend of decreasing inventory and rising prices for condos & townhomes continues on the Westside for the 4th month straight. Kitsilano had the greatest number of sales of all Westside nieghbourhoods in August.

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

What does it mean?

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Looking at the numbers the Kitsilano condo market had a strong 46% list to sales ratio, resulting from 80 listings and 37 sales in August. The University neighbourhood was was also very active in sales in August but also has the greatest amount of inventory for sale by a significant margin when comparing Westside neighbourhoods.

The BIGGER picture

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

• Overall a seller’s market (barely) at 21% list to sales ratio (2.1 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$500K with a 48% list to sales ratio.
• Homes are selling on average at 4% below list price.
• Buyer’s Best Bet: Homes between $1.75M to $2M, SW Marine, South Cambie, & minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Kitsilano, Mount Pleasant, and up to 1 bedroom properties

In August this year condo and townhouse inventory decreased by 9%, benchmark prices increased by 6%, while total sales decreased by 26% when compared to July. 

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.