What’s hot What’s Not – Vancouver West Side Single Family Market Update for May 2020
Covid 19 has definitely had an impact on the Vancouver West Side Single Family Market. The market is now favouring buyers. Median prices are down $400,000 from January at $2.8M. Inventory is very low at 421 homes listed and on the market. 37 homes sold in April. This is about 9% of the homes that were available.
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. 4 homes sold in Kitsilano last month. 14 homes were available and on the market in Kitsilano. This means that 29% 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 between $1.75M and $2M is selling very quickly. This price point is strong with about 60% of homes selling.
What’s not hot (14% or less for homes sold in a given month)
Which neighbourhoods are weak and favouring buyers? SW Marine Dr is weak favouring buyers. Only 6% of homes sold in this area. 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 $3,000,000 is really weak. There are currently 335 properties that are priced over $3,000,000 and only 5% of these homes sold last month.