February 2013 Kitsilano real estate market update
This year is off to a quick start. Now that we’re into February, we’re that much closer to Spring and the busy Real Estate Market that comes with the nicer weather.
Listing inventory is up 15-32% over last month, and you can expect that to continue as we approach Spring. This is great news for Buyers who have shown a renewed sense of interest in dipping into the market, and great news for Seller’s who may have been sitting on their properties for longer than they initially hoped.
Sales are up at least 15% in every market, with the exception of the Vancouver East Detached Market, which also had the lowest increase in inventory. Breaking down Kitsilano…
The Attached Market has continued to do well, if not better than last month. Listings and Sales are up, the average sale price increased thanks to 5 sales in the $1million+ market, and the days on market has decreased.
The hottest market continues to be one bedrooms listings in the $300k-$400k range.
The Detached Market is a little harder to judge, thanks to the fewer number of listings and sales. No price category really dominated, though the days on market decreased 44% which is good news for Sellers and Buyers.
Expect Kitsilano to continue doing well as we get closer to beach season. Look for further increases in listing inventory and more active sales next month. With interest rates stabilizing until at least 2014 and a healthy number of eager buyers, it looks like we will have another busy Spring market this year.
If you’re interested in getting into the Market, now is a great time to start preparing – talk to your Mortgage Broker, think about your “Must Haves” in a new home, and start to prepare your current home to be listed.
As usual, feel free to touch base with any of your questions!