Kitsilano condo market resilient while single family home weakens further in July

Kitsilano’s condo and townhouse real estate market led the Westside in sales with 40 sales in the month of July. The Fairview neighbourhood was also very active with buyers facing competition for lower priced homes. 

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

Overall a Sellers market at 28% list to sales ratio (2.8 out of 10 selling rate)
The most active price range was for homes priced between $700k-$800K
Homes are selling on average at 2% below list price.
Buyer’s Best Bet: Homes between $2.25M to $2.5M, Dunbar, Quilchena & minimum 4 bedroom properties
Seller’s Best Bet: Selling Homes in South Cambie and up to 1 bedroom properties

In July this year condo and townhouse inventory decreased following four months of previous increases,  benchmark prices rose slightly, while total sales dipped from 219 last month to 190.

Kitsilano’s single family home real market is in a balanced market with a 15% list to sales ratio.

Here’s the breakdown for single family homes on Vancouver’s Westside in July:

Overall a buyers market with a 7% sales to list ratio
  Most active price band is $2M to $2.5M.
Homes are selling on average 5% below list price
. Buyer’s Best Bet: Homes $5M + in Marpole, South Granville & minimum 7 bedroom properties
Seller’s Best Bet: Selling Homes in Southlands and University and up to 4 bedroom properties. 

Between June and July home inventory decreased for the 3rd month in a row, sale prices dropped for the 3rd month, and sales declined from 79 to 57. 

Thinking of buying or selling? Over 10 years of serving clients in the Kitsilano area. 

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*Buyer’s Market 1-11%, Balanced Market 12-20%, Seller’s Market 21% and up

All stats derived from Dean Wegman & SnapStats.