According to Realtor Maggie Chandler, Kitsilano’s condo market is cooling off. Neighbourhood sales for the month of August dropped from 38 to 25 and listings went up slightly from 159 to 165. Average price for sold condos dropped from $439,663 in July to $416,240. Days on the market dropped from 43 to 37.
Listings: 166 (159 in July). Of those 44 had price reductions (vs. 46 in July). 94 are listed under $500,000 and 65 between $500,000 and $1 million and 6 over $1 million. Cheapest Kitsilano studio $229,000, cheapest 2 bedroom $449,000 for 850 sq.ft.
Sales: 25 – 8 had list prices reduced (vs. 14 in July). 22 Kitsilano condos sold under $500,000 and 3 between $500,000 and $850,000. There is a 4.2 month supply of condos under $500,000 and a 21.6 month supply of condos over $500,000 and none selling over $1 million. Least expensive Kitsilano sale was under $270,000.
Year to Date:
- Sales: Jan – 26, Feb – 44 , Mar – 20, Apr – 42, May – 45, June – 35, July – 38, August – 25
- Days on the market: Jan – 27, Feb – 18, Mar – 18, Apr – 28, May – 28, Jun – 28, Jul – 43, Aug – 37
- Average price: Jan – $449K, Feb – $486K, Mar – $451K, Apr – $476K, May – $492K, Jun $398K, Jul – $440K, Aug – $416K
