Fairview market active in September despite overall cool down on Westside

Fairview’s condo and townhouse real estate market activity picked up in September when compared to August despite most Westside neighbourhoods showing an overall cooling trend.

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 again had second greatest amount of inventory of condos and townhomes for sale on the Westside with 117 homes listed, and 36 sales in September resulting in a 31% list to sales ratio. This means it’s a “sellers” 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 September:

• Overall a Balanced market at 18% list to sales ratio (1.8 out of 10 selling rate)
• The most active price range was for homes priced between $600k-$700K.
• Homes are selling on average at 2% below list price.
• Buyer’s Best Bet: Homes between $1.75M to $2M, Oakridge, SW Marine, & minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Fairview and up to 1 bedroom properties

In September this year condo and townhouse inventory increased by 6%, sale prices decreased by 6%, while total sales dipped by 8%.

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.