Fairview tops Westside in condo sales alongside Kitsilano in August

Fairview condo sales and activity remained strong in August and led Westside neighbourhoods alongside Kitsilano. When compared to July inventory in Fairview decreased by 13%, sales jumped by 47%, and benchmark prices rose by 6.5%. Benchmark prices have been rising steadily since December and are now at levels similar to June 2019. Fairview is currently in a “Seller’s” market.

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 August sales activity the Fairview condo market had a 56% list to sales ratio, resulting from 100 listings on MLS and 56 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 August:

• Overall a Sellers market with a 23% list to sales ratio, unchanged since July (a 2.3 out of 10 selling rate)
• The most active price range was for homes priced between $400k-$500K.
• Homes are selling on average at 100% of list price.
• Buyer’s Best Bet: Homes between $2M to $2.25M, Oakridge, SW Marine, South Cambie, and up to 4 bedroom properties.
• Seller’s Best Bet: Selling Homes in Fairview, Kitsilano, Quilchena, and up to 1 bedroom properties

In August this year condo and townhouse inventory rose by 1%, sale prices increased by 4%, while total sales were the same as July.

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.