March 2013 Kitsilano Real Estate Update
It’s definitely interesting times in the Vancouver real estate market at the moment. There are not a lot of general trends that are consistent across market segments and it’s not until you break those segments down that a real sense of the market begins to develop. To help facilitate that understanding, we have broken out our statistics into two separate categories: condos and townhomes (after the jump and below). This should help give you a clearer picture of the prices and interest in each segment.
The condo market in Kitsilano had fewer sales than last month (and last year for that matter), and the median and average sales prices also dipped compared to last month. Interestingly, the average price per sqft of sold listings increased, meaning most condos sold last month were in a lower price range, as supported by the 8 sales below the $400k mark. Though sales dipped, the average days on market decreased considerably thanks to Buyers who are ready to make a move. This market will always be in demand thanks to the approachable prices and allure of living in Kitsilano.
Townhomes (and Half Duplexes)
A much different market than condos, townhomes in Kitsilano have a higher price point (starting at $600k) and are harder to come by. The average and median sales price decreased 20% over last month, though that may be misleading with a low number of sales making up the data. Price per sqft decreased 10% and the Average Days on Market increased, this shows that it’s a Buyer’s Market with Seller’s willing to make concessions to sell their property.
With only 3 sales last month, interest in the Kitsilano Single Family home market is continuing to slip (note the 18 sales a year ago, with average prices around $1.6 million). Another interesting point is the average of 12 days on market suggesting that if your property is sharply priced, there is a Buyer willing to write an offer. The decreasing interest in this market is thanks in part to the new mortgage restrictions requiring 20% down on homes over a million dollars. Families looking to stretch their budget to get into a single family home are not as willing, and may be settling for a sub $1 million townhome instead.
While sales numbers are lower than we are used to for February, we are expecting a very busy March/April as more inventory hits the markets and anxious buyers jump back in. Pre-approval applications with banks are high, indicating that there is a very active group of buyers waiting in the wings. With some more quality inventory and a subtle adjustment downwards in pricing for a few properties currently listed, we should see much stronger sales numbers next month. Seller’s must make sure their homes stand out at their respective price point to sell quickly. Sharp pricing and professional staging goes a long way.
If you have any questions or comments, I look forward to hearing from you.