Kitsilano condo sales up in September as inventory continues to rise

Kitsilano’s condo and townhouse market remained the most active of all Westside neighbourhoods for the fourth consecutive month in September.

Town house inventory rose in September but is still quite low when compared to the high levels experienced in the past two years. Townhouse sales had been on the rise since April but took a big dip in September. Median prices for townhouses dipped in September after several months of seeing gains.

kitsilano townhouse inventory

Condo inventory has been increasing steadily and is once again at level’s similar to 2018 and 2019. Condo sales jumped in September after seeing decreases in July, and being flat in August. When looking at median prices condo prices rebounded slightly after August’s dip, with some gains for one bedroom condos but softening for two bedroom condos.

Kitsilano condo inventory

kitsilano condo sales

Some quick stats for September:

  • Condo sales were up by 28%, inventory increased by 9%, and median sale prices were up by 4% when compared to August. 

  • Townhome sales were down by 31%, inventory increased by 20%, and median sale prices were down by 9% month to month. 

Market Determination: Kitsilano is in a “Seller’s 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 September Kitsilano had a 55% list to sales ratio (up from 54% month prior), resulting from 108 listings and 59 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 September:

• Overall a Sellers market with a 23% list to sales ratio, the same as August (a 2.3 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$700K.
• Homes are selling on average at 100% of list price.
• Buyer’s Best Bet: Homes between $2.75M to $3M, Oakridge, Point Grey, Quilchena, and 3 bedroom properties.
• Seller’s Best Bet: Selling Homes in False Creek, Kitsilano, Shaughnessy, and up to 1 bedroom properties

In September this year condo and townhouse inventory rose by 10%, sale prices were flat at 0%, while total sales increased by 9% when compared to August. 

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All stats derived from Dean Wegman & REBGV.