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What’s hot What’s Not – Vancouver West Side Single Family Market Update for March 2020

The West Side single family market continues to favour buyers. Median prices are stable at $3M. Inventory is stable at 500 homes listed and on the market. 61 homes sold in February. This is about 12% of the homes that were available. The number of homes sold is up from February which is positive but it is still a buyers market..

What’s Hot (21% or more of the homes sold)

Which neighbourhood is strong and favouring sellers now? Kitsilano is the strongest and you can find a special report on Kitsilano here: https://davidsetton.com/market-updates.html. 7 homes sold in Kitsilano last month. 17 homes were available and on the market in Kitsilano. This means that 41% of the homes that were available sold in Kitsilano. Remember that the real estate board defines a seller’s market when more that 21% of the homes sell in a given month. Which price point strongest & favouring sellers? Any home priced under $3,000,000 is selling very quickly. This price point is strong with about 32% of homes selling.

What’s not hot (14% or less for homes sold in a given month)

Which neighbourhoods are weak and favouring buyers? University area, South Cambie, Southlands are all weak and favouring buyers. Only 5% of homes sold in these areas. Remember that the Vancouver Real Estate Board defines a market favouring buyers when less than 14% of the home sells in a given month. Which price category is weak right now and favouring buyers? Anything over $4,500,000 is really weak. There are currently 246 properties that are priced over $4,500,000 and only 2% of these homes sold last month.

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What’s hot What’s Not – Vancouver West Side Single Family Market Update for February 2020 The West Side single family market continues to favour buyers. Median prices are stable at $3.2M. Inventory came up a little bit to 500 homes listed and on the market. 35 homes sold in January. This is about 7% of the homes that were available. The market is favouring buyers.

What’s Hot (21% or more of the homes sold)

Which neighbourhoods are favouring sellers now? Kitsilano are strong and favouring sellers. 6 homes sold in Kitsilano last month. 17 homes were available and on the market in Kitsilano. This means that 35% of the homes that were available sold in Kitsilano. Remember that the real estate board defines a seller’s market when more that 21% of the homes sell in a given month.

Which price point strongest & favouring sellers? Any home priced under $2,500,000 is selling very quickly. This price point is strong with about 43% of homes selling. We actually saw 10 homes sell for under $2,000,000 last month. It has been years since this has happened.

What’s not hot (14% or less for homes sold in a given month)

Which neighbourhoods are weak and favouring buyers? South Granville only saw one home sell last month. With 61 home available and on the market this represents only 2% of the homes sold. Shaughnessy is also very weak with one home sold last month out of 73 homes that were available and on the market. This represents only 1%. Remember that the Vancouver Real Estate Board defines a market favouring buyers when less than 14% of the home sells in a given month.

Which price category is weak right now and favouring buyers? Anything over $4,500,000 is really weak. There are currently 275 properties that are priced over $4,500,000 and only 1% of these homes sold last month.