Fairview dominant market on Westside in 2019 for sales activity 

The Fairview neighbourhood in Vancouver continued to be the strongest neighbourhood for sales activity in December out of all the Westside neighbourhoods. Condos and townhomes are seeing upwards pressure especially for homes under $600K.

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 activity the Fairview condo market had a 54% list to sales ratio, resulting from 48 listings and 26 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 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.
• Buyer’s Best Bet: Homes between $1.75M to $2M, Mount Pleasant, Oakridge & minimum 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%, and total sales decreased by 4% when compared to November.

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All stats derived from Dean Wegman & SnapStats