Prices rise in March for Kits condos as sales rise and inventory remains flat

The Kitsilano condo market momentum from February continued through into March resulting in more upwards pressure on benchmark pricing to high's not see in over 13 months. Sales rose for the second consecutive month and outpaced inventory but the impact of the COVID 19 crisis looms as sales are expected to decline rapidly.

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

In March Kitsilano had a 63% list to sales ratio (up from 53% month prior), resulting from 57 listings and 36 sales. Benchmark condo and townhouses prices on the Westside rose by 9% when compared to February and were at the highest level seen in 13 months.

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 

kitsilano condo real estate trends

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

• Overall a Seller’s market at 29% list to sales ratio, up from 24% (a 2.9 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$600K.
• Homes are selling on average at 100% of list price.
• Buyer’s Best Bet: Homes between $2.25M to $2.5M, Quilchena, South Granville, and minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Kitsilano, Fairview, Mount Pleasant, and up to 2 bedroom properties

In March this year condo and townhouse inventory remained flat at 0%, sale prices rose by 9%, while total sales increased by 25% when compared to February. 

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.