Condos & Townhomes - Kitsilano leads the pack
Kitsilano’s condo and townhouse real estate market was the 2nd strongest of all Westside neighbours behind Point Grey in August. Many parts of Greater Vancouver are seeing a cooling trend with benchmark price declines and a declaration in the condo market. Despite this Kitsilano remains officially 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
Kitsilano had an inventory of 80 condos and townhomes on the market with 33 sales resulting in a 41% list to sales ratio.
The BIGGER picture
Here’s the breakdown for condo’s & town homes on Vancouver’s Westside in December:
• Overall a Sellers market at 24% list to sales ratio (2.4 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$500K
• Homes are selling on average at 2% below list price.
• Buyer’s Best Bet: Homes between $2.75M to $3M, Quilchena & minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Kitsilano, Point Grey, and up to 1 bedroom properties
In August this year condo and townhouse inventory decreased by 5% and for the second consecutive month, benchmark prices rose by 5%, while total sales dipped by 17%.
Single family Homes - Rebound Occurring
Kitsilano’s single family home real market is in a Seller’s market with a 31% list to sales ratio.
Here’s the breakdown for single family homes on Vancouver’s Westside in August:
• Overall a buyers market with a 8% sales to list ratio
• Most active price band is $1.75M to $2M
. • Homes are selling on average 9% below list price.
• Buyer’s Best Bet: Homes $4M + in Kerrisdale, Shaugnhessy, South & minimum up top 2 bedroom properties
• Seller’s Best Bet: Selling Homes in Kitsilano and up to to 4 bedroom properties.
In August single family home inventory on Vancouver’s Westside decreased by 7%, sale prices rose by 3%, and sales increased by 4%.
Thinking of buying or selling? Over 10 years of serving clients in the Kitsilano area.
All stats derived from Dean Wegman & SnapStats.