It looks like the market adjustment is occurring at a quicker pace. There were 322 active condo and townhouse listings in Kitsilano and expired listings increased to 24. 130 listings reduced their price which is more than 1/3 of the inventory. Fifteen or a paltry 4.6% of the 322 listings sold confirming a continued sluggish market.
Price reductions continue to seek that nebulous price level known as “affordability”. While sellers continue to extend the olive branch, it is evident from the number of sales that they have not achieved a level sufficient to induce buyers to pull out their wallets in large numbers. A silent coincidence is that buyers may need to reallign their housing lifestyle expectations. Until the points meet, the current market’s status will prevail.
Data courtesy of REBGV. Statistical numbers provided may vary due to dynamic posting by the REBGV. The enclosed information while deemed to be correct is not guaranteed and is provided by Larry Yatkowsky, Realtor®, YatterMatters.com. Further information available by calling 604-657-6236 or emailing lmy@Yattermatters.com.
Last modified: November 14, 2008