Kitsilano Condo Market Softens

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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

Last modified: September 10, 2008

3 Responses to " Kitsilano Condo Market Softens "

  1. sidelines says:

    There are some much, much better blogs to be reading if you want to get some insight into this market (google “vancouver condo info” and “langley financial planning” to start). But Maggie’s is not one of them, seriously. Though she does have a brilliant smile, I’ll give her that.

    Anyway, yeah, the market is “cooling” and “softening,” even “moderating” perhaps just a bit… Indeed, watch as it continues to get flooded with inventory as investors/speculators try to unload their properties to avoid further price declines (no sense in holding when you can make more just parking your cash with ING, right?). So the inventory continues to balloon, and most buyers don’t want to buy in a downturn, so sellers lower prices, more investors panic and put their properties up for sale, and on it goes.

    It was quite a ride up. The ride down should be quite dramatic.

  2. Thanks for the comment – great site:

    http://www.vancouvercondo.info

    We’re looking for someone to do a weekly or monthly blog post about the Kitsilano real estate market – any suggetions??

    Rob.

  3. Sidelines says:

    A weekly/monhtly post on Kits RE could be a great value add to your blog, IMO. Great idea.

    Have you thought of posting your request on some of the local RE blogs? You may want to try vancouvercondo.info, http://paul-northvancouverhomes.blogspot.com, and http://langley-financial-planning.blogspot.com . Many of the posters on these blogs are quite knowledgeable and, judging by how often some post, they would also appear to have time to write!

    Good luck!