Download your own Stats Package Here: https://davidsetton.com/market-updates.html
What’s hot What’s Not – Vancouver Westside – Single Family for May 2017
- Westside single fam market remains in a balanced market. Right where it should be.
- Median Prices came down 5% in April to $3.2M
- 111 homes sold in April
- Inventory still low only 561 single family homes available
What’s Hot (21% or more for a SR)
- which areas are strongest - Quilchena and Dunbar
- Dunbar 18 / 68 sold 26% sales Ratio 21% or more
- Quilchena 7 / 23 sold 30% sales ratio
- price point strongest & fav sellers
- $2.25M - 2.5M 12 / 12 100% sr
- $3M - $3.5M 20 / 57 35% sr
What’s not hot (14% or less for a SR)
- Southlands 2 / 25 - 8% sr
- Shaughnessy 2 / 62 sold - 3% sr
- which price category
- anything over $4.5M - buyers market - 210 homes priced over $5M - only 16 sold. 8% sr. anything under 14% is a buyers market
Get 12 Sold Homes: https://davidsetton.com/market-updates.html
What’s hot in the Kitsilano Single Family for May 2017
- The Van Westside Single Family market has transitioning from buyers to balanced. market.
- Kitsilano has been doing exceptionally well and is now favouring sellers.
- 12 Homes sold in Kits last mo.
- least expensive home sold for $1.89M. which would have bought a 107 yr old home on Cypress & 5th Ave - most expensive sold for $3.6M for another 100 yr old home on 1st Ave & Dunbar.
- only 44 homes were available and on the market in Kits in Feb so to have 12 sales puts us in a seller’s market at a 27% sr
- Sold values in Kits are at $2.9M lower than the median price for a home in the Westside - now at $3.2M.
If you like to take a look at these sales, I have a new package you can download at the link below map locating them and photos and details for each property. specialize
Over the last couple of years many of my clients that are having children and starting a family have been leaving the city of Vancouver and moving to other parts of the lower mainland. The reason for this is because Vancouver has a serious housing supply issue in general, but more specifically a problem with what I referred to as ground oriented housing. What is ground oriented housing? It is exactly what the name implies. It is a home with it’s main entrance located at grade or a few steps away from from grade. An example of this type of housing would be row townhomes similar to those found in Europe.
I believe that, now more than ever, there is a need for this style of housing. Our single family neighbourhoods have become very expensive and they are simply out of reach of many working families. This form of housing can be made more affordable through densification and by making the homes ultra efficient.
The next question is where do we build this style of housing? I have identified a few locations in the city. The official community plan or OCP for this street calls for row townhomes in many areas. I have a floor plan for a 1,300 square foot 3 bedroom townhome that could be built up and down these areas. This would keep the housing more affordable and allow more people to enjoy this very desirable neighborhood.
If you live on an arterial road and like the idea of building housing within the reach of working families, please feel free to give me a call. I would be happy to walk you through the floor plans and discuss what you could sell your property for.
You can contact me anytime at 604-808-9796 and as always thank you so much for listening today.