Kitsilano condo market sees a slower September as inventory rises

The Kitsilano neighbourhood in Vancouver experienced a slower month in September with increasing inventory and softening sales activity.

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

Looking at the numbers the Kitsilano condo market had a 22% list to sales ratio, resulting from 103 listings and 23 sales in September. Despite the overall cooling trend last month for most Westside neighbourhoods, the Fairview neighbourhood saw increasing prices.

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.

The BIGGER picture

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

• Overall a Balanced market at 18% list to sales ratio (1.8 out of 10 selling rate)
• The most active price range was for homes priced between $600k-$700K.
• Homes are selling on average at 2% below list price.
• Buyer’s Best Bet: Homes between $1.75M to $2M, Oakridge, SW Marine, & minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Fairview and up to 1 bedroom properties

In September this year condo and townhouse inventory increased by 6%, sale prices decreased by 6%, while total sales dipped by 8% when compared to August. 

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.