November 2012 Kitsilano real estate market update
The Vancouver market showed increasing signs of stability and a trending back towards a balanced market in October. Sales activity rose 27.4% over last month, though remained 16.7% below the same time last year. New listings declined 18.8% compared to September and 1.2% over October 2011. Price fluctuations vary greatly between market segments. Overall, the sales-to-active-listings ratio increased from 8% in September to 11% in October.
Focusing on Kitsilano, we saw attached sales slip 19.4% compared to September but rise 25% over last October. Inventory levels are up 32.6% compared to last year but are down slightly from last month. Average prices are dramatically skewed this month, with more than a 25% of sales falling into the $1m+ range and artificially pulling the average price.
On the detached side of things, average pricing is even more skewed with just 3 sales in October. This is down from 9 sales last month and 12 sales last year at this time. Listing inventory has remained fairly constant.
Even with some positive signs of stability coming back into the market, this is the quietest Kitsilano market I’ve seen for some time. Look for the current buyer’s market to continue through the Spring while slowly levelling off. Homes that show well and are priced accurately continue to sell quickly as there is a noticeable lack of quality product on the market despite the elevated inventory levels. Lots of deals to be had on homes that need some TLC.
Don’t be afraid to touch base if you have any questions about the market, or selling or buying a home in Kitsilano.