Fairview condo sales drop in August but prices remain high

Fairview’s condo and townhouse real estate market has been cooling off in recent months after being a very hot neighbourhood for demand for many months. August saw a sustained high level of Inventory and a significant decrease in sales over July but prices remain high and are rose during the month.

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 had second greatest amount of inventory of condos and townhomes for sale on the Westside with 106 homes listed, and 21 sales in August resulting in a 20% list to sales ratio. This means a “balanced” overall market in Fairview.

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 August:

• Overall a Sellers market at 21% list to sales ratio (2.1 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$500K.
• Homes are selling on average at 4% below list price.
• Buyer’s Best Bet: Homes between $1.75M to $2M, SW Marine, South Cambie & minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Kitsilano, Mount Pleasant and up to 1 bedroom properties

In August this year condo and townhouse inventory decreased by 9%, benchmark prices rose by 6%, while total sales dipped by 26%.

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.