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.
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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