Fairview leads Westside neighbourhoods in market activity in May

The Fairview condo market was the busiest market on Vancouver’s Westside in May and currently 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

Fairview real estate in May had a 21% list to sales ratio, resulting from 109 listings and 44 sales. Kitsilano’s real market followed behind Fairview in terms of activity in May with 40 sales and a 34% list to sales ratio. 
 
The BIGGER picture 

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

Overall a balanced market at 21% list to sales ratio (2.1 out of 10 selling rate)
The most active price range was for homes priced between $500k-$600K with a 48% list to sales ratio.
Homes are selling on average at 3% below list price.
Buyer’s Best Bet: Homes between $2M to $2.25M, Quilchena, South Cambie, South Granville & minimum 4 bedroom properties
Seller’s Best Bet: Selling Homes in Fairview, Mount Pleasant, and up to 1 bedroom properties

In May this year condo and townhouse inventory decreased by 2%,  benchmark prices increased by 3%, while total sales rose by a significant 48%.

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

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All stats derived from Dean Wegman & SnapStats.