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Today I want to look at both the Vancouver Westside condo and single family market.

Where are we seeing lots of strength in the market?

The condo and townhouse market is very strong under $800,000.  If you are looking for a home at this price you may be competing with other offers.  Inventory has been rising since March. 600 homes in Mar to almost 900 in July. The strongest locations w/ most activity for condominiums is Fairview and Kitsilano.

Now let's look at the single family market.  The strength in the market here is under $3.5M.  Median prices have stabilized at $3M, but buyers are getting more for their money than in the past few years. The strongest locations are Kerrisdale, Cambie and Kitsilano. I have a special report on Kitsilano single family market, if you want to check out the market update page of my website.

See what’s selling in Kitsilano here

What’s selling in the Vancouver Kitsilano Single Family Market? Unlike the rest of the Vancouver West Side single family market, Kitsilano is favouring sellers with 25% of homes sold.  

Six homes sold in Kitsilano last month. The most expensive home sold for $13.5M.  This would have bought you a 26 year old custom built, 4,800 sqft, waterfront home on Point Grey Road. This home was originally listed for $16.8M in 2016.

The least expensive home sold for $2.3M.  This would have bought you a 90 year old home on 15th Avenue on a 33 foot by 122 foot deep lot.  This home sold for over the asking price of $1.98M.

If you like to take a look at all the sales in Kitsilano, I have a new package you can download at this link: https://davidsetton.com/market-updates.html

See what’s selling in Kitsilano here

What’s selling in the Vancouver Kitsilano Single Family Market?

The Vancouver West Side Single Family Market is now favouring Sellers The Kitsilano market is also favouring sellers with 50% of homes sold.

Eight homes sold in Kitsilano last month. The most expensive home sold for $3.1M. This would have bought you a 95 year old home on a 49 foot wide by 80 foot deep lot on Point Grey Road. This home was originally listed for sale at just under $6M two years ago.

The least expensive home sold for $2.1M. This would have bought you a 92 year old home on 12th Avenue on a 33 foot by 122 foot deep lot.

16 homes were available and on the market in Kitsilano last month. To have 8 homes sell puts us in a seller’s market with 50% of the homes selling.

Sold values in Kitsilano are at a median price of $2,500,000 about $500,000 lower than the median price for a home in the West Side which is now at around $3,000,000. If you like to take a look at these sales, I have a new package you can download at this link: 

Statistics for Your Area Here

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.

Get Your Market Report Here

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.