Kitsilano condos & townhomes selling on average 3% above list price in February 

The Kitsilano condo market remained quite active in February and in a Sellers market. It was the 2nd month of upwards pressure on benchmark pricing for condos and townhomes.

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 February’s market activity for condo’s in Kits there was a 53% list to sales ratio (up from 45% month prior), resulting from 64 listings and 34 sales. Benchmark condo and townhouses prices on the Westside are up 4% since January but not yet back to heights seen in the last quarter of 2019.

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 February:

• Overall a Seller’s market at 24% list to sales ratio (2.4 out of 10 selling rate)
• The most active price range was for homes priced between $500k-$600K.
• Homes are selling on average at 3% above list price.
• Buyer’s Best Bet: Homes between $1.75M to $2M, Cambie, South Cambie, South Granville, and minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Kitsilano, Quilchena, and up to 1 bedroom properties

In February this year condo and townhouse inventory increased by 5%, sale prices decreased by 4%, while total sales increased by 15% when compared to January.