DETACHED HOMES MARKET UPDATE
The detached home market seems to have a big influence on the rest of the market place. As long-term homeowners sell the large nest egg in Kits and down-sizers, often helping their children with down payments for homes the market flows. When this market is slow we see a slow down in the down-sizers product (large condos, townhomes, small strata buildings.)
The summer market slow down is in full effect. Inventory numbers are up from last month but sales are down 61% and dollar volume of sales are down 58.9% from $92,534,940 at its peak in March to $16,108,550 last month.
Sales ratios have dropped down to Buyers market territory at 8% Sales Ratio for Detached homes in Kitsilano. Compared to a 42% sales ratio in March – a massive Seller’s Market.
We are also seeing very exciting and interesting proposals from the city regarding single family zoning in the westside. Article here:
This could see some big changes in market price as lot site development potential increases.
If you’d like to check out the general market conditions and the REBGV Presidents Report CLICK HERE.