Vancouver Westside and Kitsilano market report. Look like a real estate genius by understanding market conditions. Download a comprehensive SnapStats statstics report specific to your location. Learn how to interpret statistics and how to search for all sold and available homes.
Condo and Townhouse
Sales have been steadily falling since March. In fact, the number of sold homes fell by 52% between March and July. As a result median prices fell by $60,000 in July. Inventory is still low compared to this time last year. Currently, we can see strength in the Westside condo and townhouse market from $400,000 up to $1,250,000. Overall, the Westside condo market is one of the only markets favouring sellers with 22% of homes sold last month, The communities with the most activity continue to be Kitsilano and Fairview. The median sale price which peaked at over $1M in February, is now sitting at $909,000. This median price is around $50,000 more than the median price this time last year. The condo market should continue to cool down as inventory continues to increase and the number of sold homes fall.
Single Family
Now let's look at the single family market. The strength in the Westside single family market lies between $2,000,000 and $2,500,000. Supply is still low, and actually fell between May and July. The number of sold homes is lower now than it has been in the last 13 months and the number of sold homes fell an additional 33% between June and July. Median prices came up 2% in July to $3,460,000 after hitting a record median price for a Westside single family home in April. The strongest location with the most activity is Dunbar and South Cambie with 13% to 14% of listed homes sold last month. Overall the Westside Single Family market is favouring buyers with 7% of available homes selling.
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During the month of July, 4 of 41 (10%) homes sold in Kitsilano. The most expensive home sold for $4,700,000. This would have bought you a renovated 18 year old, 4,000 square foot home located on a standard 50’ x 125’ corner lot. This home sold in only 5 days.
The least expensive home, a 110 year old, 5 unit investment property sold for $2,700,000. The home was originally priced at $3,500,000 in April. This investment property was located on a standard 40’ x 125’ lot at Arbutus St and 15th Avenue.
Out of all 4 homes that sold last month in Kitsilano, all of them sold for below the asking price. With the number of single family sold homes falling monthly on the Westside, we can expect Kitsilano to remain a buyer's market. Download the 4 homes that sold last month in Kitsilano by clicking on the link below. The report includes a map locating the homes and a 10 photo flier on each home with property details. No personal information collected. This report is on me.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.