Kitsilano market activity resilient in December for houses and condos

Condos & Townhomes

The Kitsilano condo market kept chugging along in December with conditions favouring Sellers despite the typical decrease in inventory, sales, and demand we see at the end of the year.

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

Looking at December’s market activity the Kitsilano condo market had a 45% list to sales ratio (up from 44% month prior), resulting from 47 listings and 21 sales. Benchmark condo and townhouses prices on the Westside dipped slightly (1%) since October and November but are 8.5% higher than a year prior.

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 December:

• Overall a Seller’s market at 29% list to sales ratio (2.9 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$600K.
• Homes are selling on average at 2% below list price (down from 1% November).
• Buyer’s Best Bet: Homes between $1.75M to $2M, Mount Pleasant, Oakridge and 3 bedroom properties
• Seller’s Best Bet: Selling Homes in Fairview, Quilchena, and up to 1 bedroom properties

In December this year condo and townhouse inventory decreased by 26%, sale prices decreased by 1%, while total sales decreased by 4% when compared to November.

Single family Homes

Kitsilano’s single family home market was in Seller’s market with a 33% list to sales ratio. There were 15 listings with 5 sales in the month of December.

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

• Overall a balanced market with a 13% sales to list ratio (1.3 in 10 homes selling rate)
• Most active price band is $2.25M to $2.5M with an avg 43% list to sales ratio.
• Homes are selling on average 6% below list price.
• Buyer’s Best Bet: Homes $4.5M+ plus, South Granville, and minimum 7 bedroom properties
• Seller’s Best Bet: Selling Homes in Arbutus and up to 3 to 4 bedroom properties

In December single family home inventory on Vancouver’s Westside decreased by 24%, benchmark sale prices increased by 2%, and solds decreased by 8% when compared to November.

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All stats derived from Dean Wegman & SnapStats.