Fairview real estate sees home buyer demand during COVID 19 pandemic

Fairview in May was a very active real estate market, only 2nd to Kitsilano on the Westside, despite the COVID restrictions and social distancing measures being in place. Conditions in Fairview favour Seller’s for properties under $800K, while there is less demand for the more expensive condos and townhomes creating more balanced to buyer’s market conditions for properties over $1M. In fairview home inventory is down by 22% and sales down by 30% when compared to a year earlier, but up significantly over the month prior.

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 May’s sales activity the Fairview condo market had a 34% list to sales ratio, resulting from 92 listings on MLS and 31 condo & townhome 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 May:

• Overall a balanced market at 15% list to sales ratio, up from 12% in April (a 1.5 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$600K.
• Homes are selling on average at 2% of list price (unchanged).
• Buyer’s Best Bet: Homes between $1.75M to $2M, Kerrisdale, and 3 bedroom properties.
• Seller’s Best Bet: Selling Homes in Kitsilano, Fairview, and up to 1 bedroom properties

In May this year condo and townhouse inventory rose by 14%, sale prices decreased by 10%, while total sales increased by 45% when compared to April.

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.