Where are we seeing lots of strength in the market?
Currently, we can see strength in the condo and townhouse market from $500,000 up to $1,500,000. Overall, the westside condo market is favouring sellers with 30% of them sold last month, and communities with the most activity continue to be Kitsilano, Fairview, and False Creek. Following a steady decline over the summer, the average sale price began to rise in August, and continues to increase. It is currently sitting at $915,000, $58,000 higher than it was in July, and $89,000 more than it was in September of 2020. As inventory grows and sales drop, we can expect this price to fall over the fall season.
Now let's look at the single family market. The strength in the market lies between $1,750,000 and $3,500,000, with the majority of homes selling above list price. If both inventory and sales remain flat, we can predict the average sale price to remain fairly steady over the next few months. The strongest location is still Kitsilano with 28% of homes sold. I have a special report on the Kitsilano single family market if you want to check out the market update page of my website.
If you would like to take a look at the market conditions for your area in detail, you can download the latest Snapstats report here This is a great way to learn where the market is heading. You will find a great 13 month graph here for each area showing:
- how prices are changing over time,
- how supply is changing over time,
- and how the number of sales are changing each month.
If you are interested in gaining access to all the sold and available homes in the lower mainland, feel free to use my website to search for your next home.