Fairview maintains market momentum in October - demand for townhouses increases

fairview condo

Fairview condo and townhouse sales activity maintained its place as one of the most active Westside neighbourhoods in October alongside Kitsilano.

Here’s the quick facts:

Inventory

  • Condo inventory was the same month to month with 87 listings, but up 6% year to year
  • Townhouse inventory decreased 13% from 44 to 38, up 22% year to year. 

Sales

  • Condo sales increased by 6% month to month from 32 to 34, down 13% from a year ago. 
  • Townhouse sales increased by 137% month to month from 8 to 19, up by 27% from a year ago. 

MLS Price Index

  • The index for condos increased by 0.8% month to month, up by 6.9% from a year ago. 
  • The index for townhouses increased by 1.4% month to month, up by 2.2% from a year ago.

Average Days on Market

  • Remained the same for condos month to month at 17 days, up from 26 days in October 2019
  • Increased for townhouses from 8 days to 18 days, up from 15 days in October 2019.

Market Determination

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 October sales activity the Fairview condo & townhouse market had a 43% list to sales ratio, resulting from 123 listings on MLS and 54 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 October:

• Overall a Sellers market with a 25% list to sales ratio, a 2.5 out of 10 selling rate.
• The most active price range was for homes priced between $500k-$600K.
• Homes are selling on average at 2% below list price.
• Buyer’s Best Bet: Homes between $2M to $2.5M, SW Marine, and South Granville and minimum 4 bedroom properties.
• Seller’s Best Bet: Selling Homes in Kitsilano, Shaughnessy, and up to 2 bedroom properties

In October this year condo and townhouse inventory decreased by 3%, sale prices rose by 4%, while total sales increased by 4% 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, REBGV, & SnapStats.