Kitsilano shrugs off pandemic and keeps market momentum in May

Kitsilano’s condo and townhouse market was the most active of all Westside neighbourhoods in May with strong sales numbers and resilient pricing. The COVID 19 pandemic has done little to curb demand or slow down Kit’s favourable selling conditions since it began mid March. In May it remained very competitive for Kitsilano buyers looking for homes under $800K.

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 May Kitsilano had a 43% list to sales ratio (up from 26% month prior), resulting from 81 listings and 35 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

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

• Overall a balanced market at 15% list to sales ratio, up from 12% in April (a 1.5 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$600K.
• Homes are selling on average at 2% of list price (unchanged).
• Buyer’s Best Bet: Homes between $1.75M to $2M, Kerrisdale, and 3 bedroom properties.
• Seller’s Best Bet: Selling Homes in Kitsilano, Fairview, and up to 1 bedroom properties

In May this year condo and townhouse inventory rose by 14%, sale prices decreased by 10%, while total sales increased by 45% when compared to April on Vancouver's Westside. 

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All stats derived from Dean Wegman & REBGV stats center.