October see's surge in sales and rise in sale prices for condos on Westside 

The Kitsilano neighbourhood in Vancouver bounced back in October after a slower September with increasing sales and sale prices.

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 October’s activity the Kitsilano condo market had a 38% list to sales ratio, resulting from 90 listings and 34 sales. Benchmark condo and townhouses on the Westside are the highest they’ve been since March’s peak this year.

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 October:

• Overall a Seller’s market at 27% list to sales ratio (2.7 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$500K.
• Homes are selling on average at 1% below list price.
• Buyer’s Best Bet: Homes between $1.75M to $2.5M, SW Marine, S.Granville, University & minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Fairview, Falsecreek, Kerrisdale, and up to 1 bedroom properties

In October this year condo and townhouse inventory decreased by 10%, sale prices increased by 4%, while total sales surged by 36% when compared to September.

Single Family Homes 

Kitsilano’s single family home market was in Seller’s market with a 26% list to sales ratio. There were 27 listings with 7 sales in the month of October.

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

• 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 60% list to sales ratio.
• Homes are selling on average 6% below list price.
• Buyer’s Best Bet: Homes $4.5M+ plus, Quilchena, Shaughnessy, Southlands, and minimum 7 bedroom properties
• Seller’s Best Bet: Selling Homes in Kitsilano and up to 3 to 4 bedroom properties

In October single family home inventory on Vancouver’s Westside decreased by 2%, benchmark sale prices increased by 25%, and solds increased by 26% when compared to September.

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.