Sales drop by 58% in April for condos & townhomes on Vancouver's Westside 

As we continue to deal with the COVID 19 pandemic and practice social distancing real estate sales across Metro Vancouver have seen a drastic slowdown after March's pre-pandemic momentum. Sales for April decreased by 58%, inventory rose by 2%, and sale prices declined by 7% when compared to March. 

Despite this broad reduction in real estate sales parts of the market are still seeing demand and activity and Kitsilano was the most resilient market of all the Westside neighbourhoods in April.

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 April Kitsilano had a 26% list to sales ratio (down from 63% month prior), resulting from 69 listings and 18 sales.

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 real estate trends

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

• Overall a Seller’s market at 12% list to sales ratio, up from 24% (a 1.2 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$500K.
• Homes are selling on average at 2% of list price.
• Buyer’s Best Bet: Homes between $1.5M to $2M, Kerrisdale, SW Marine, South Cambie, South Granville, and University
• Seller’s Best Bet: Selling Homes in Kitsilano, Fairview, and up to 1 bedroom properties

In April this year condo and townhouse inventory rose by 2%, sale prices decreased by 7%, while total sales dropped by 58% when compared to March. 

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 & REBGV stats center.