Fairview's real estate market hot in October 

The Fairview real estate market was very strong in October having the most sales activity of any of the Westside neighbourhoods. Prices 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 October’s activity the Fairview condo market had a 53% list to sales ratio, resulting from 101 listings and 54 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 October:

• Overall a Seller’s market at 27% list to sales ratio (2.7 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$500K.
• Homes are selling on average at 1% below list price.
• Buyer’s Best Bet: Homes between $1.75M to $2.5M, SW Marine, S.Granville, University & minimum 4 bedroom properties
• Seller’s Best Bet: Selling Homes in Fairview, Falsecreek, Kerrisdale, and up to 1 bedroom properties

In October this year condo and townhouse inventory decreased by 10%, sale prices increased by 4%, while total sales surged by 36% when compared to September.

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.