Condo & townhouse sales hot in Fairview as summer continues

Fairview condo and townhouse sales in July was amongst the busiest on the Westside and in a “Seller’s” market as we see the result of pent up demand that accumulated during the pandemic. 

Condo sales in Fairview have been climbing steadily each month since April and are now at levels similar to last summer. Inventory has also been climbing steadily but is still below levels seen last summer but similar to 2018. The greatest demand is currently for one bedroom condos under $600K.

How do we know it’s a Seller’s market? 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 July’s sales activity the Fairview condo market had a 347% list to sales ratio, resulting from 109 listings on MLS and 40 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 July:

  • Overall a Sellers market with a 23% list to sales ratio, up from 22% in May (a 2.3 out of 10 selling rate)
  • The most active price range was for homes priced between $500k-$600K.
  • Homes are selling on average at 100% of list price.
  • Buyer’s Best Bet: Homes between $1.75M to $2M, Dunbar, Marpole, SW Marine and 3 bedroom properties.
  • Seller’s Best Bet: Selling Homes in Kitsilano, Mount Pleasant, and Point Grey and up to 1 bedroom properties

In July this year condo and townhouse inventory rose by 10%, sale prices decreased by 5%, while total sales increased by 15% when compared to June.

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.