Kitsilano leads Westside in condo sales and activity in June

Kitsilano’s condo and townhouse market remained the most active of all Westside neighbourhoods for the second consecutive month in June. Homebuyers and sellers are becoming more active as each month passes during the COVID 19 pandemic. Well priced homes are selling in competition and putting upwards pressure on segments of the condo & townhouse market.

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 June Kitsilano had a 52% list to sales ratio (up from 43% month prior), resulting from 95 listings and 49 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 June:

  • Overall a Sellers market with a 22% list to sales ratio, up from 15% in May (a 1.5 out of 10 selling rate)
  • The most active price range was for homes priced between $500k-$600K.
  • Homes are selling on average at 1% above list price.
  • Buyer’s Best Bet: Homes between $1.75M to $2M, Oak Ridge, South Cambie, South Granville and 3 bedroom properties.
  • Seller’s Best Bet: Selling Homes in Fairview, and Kitsilano and up to 1 bedroom properties
kitsilano real estate trends

In June this year condo and townhouse inventory rose by 11%, sale prices increased by 11%, while total sales increased by 62% when compared to May. 

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.