11/03/2020
KITSILANO CONDO INVENTORY, SALES, AND MLS PRICE INDEX DIP IN OCTOBER
Kitsilano’s condo market was very active in October yet saw inventory, sales, and the MLS price index decrease when compared to September.
Condo inventory had been increasing until September but decreased by 11% when compered to October. Sales like inventory peaked in September and decreased by 10% month to month. The MLS HPI price index for Kits condos has been decreasing since July but October was a minimal dip and pricing was generally flat.
Some quick facts for October:
Though the MLS price index decreased last month, median prices for 2 bedroom condos increased in October, while median prices for 1 bedroom or smaller condos decreased.
Condos in Kitsilano sold on average 2.4% below list price
Market Determination: Kitsilano is in a “Seller’s market”.
How do we know? List to Sales Ratio
A buyer’s market has a 0-12% list to sales ratio
A balanced market has a 12-20% list to sales ratio
A seller’s market has a 21% or greater list to sales ratio
In October Kitsilano had a 54% list to sales ratio, resulting from 100 listings and 54 sales.
What does it mean?
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The BIGGER picture
Here’s the breakdown for condo’s & town homes on Vancouver’s Westside in September:
• Overall a Sellers market with a 25% list to sales ratio, a 2.5 out of 10 selling rate.
• The most active price range was for homes priced between $500k-$600K.
• Homes are selling on average at 2% below list price.
• Buyer’s Best Bet: Homes between $2M to $2.5M, SW Marine, and South Granville and minimum 4 bedroom properties.
• Seller’s Best Bet: Selling Homes in Kitsilano, Shaughnessy, and up to 2 bedroom properties
In October this year condo and townhouse inventory decreased by 3%, sale prices rose by 4%, while total sales increased by 4% when compared to September.
VISIT WWW.KITSILANO-CONDO.COM TO LEARN MORE
