In the Kitsilano MLS area there are a total of 81 Detached Active Listings. This is slightly down from the previous 30 day period ending Nov. 7, 2008.
Sales matched the period prior at 2, equaling 2.4% of current Active Listings. There was a drop in Expired listings during the most recent 30 days with only 5 listings not selling during their mandate.
Price reductions continue to be the number to watch with just under 50% (40 homes), reducing their prices. It is an indicator that Sellers understand that prices must be extremely competitive. Buyers of course are asking for more.
The Median List price of $1,380,000 has dropped slightly ($10,000), during the last 30 day period. Median Sold prices settled in at $1,223,500. The difference of $156,500 – 11% off seems the amount Buyers are negotiating off the Seller’s asking price.
It can be expected that as the Holidays upon us, December will be a suitably dreary month for numbers as it is traditionally, the slowest month for Vancouver real estate sales.
Buyers with the financially ability are beginning to see substantial savings in prices paid. Uncertainty seems to be the key for most buyers. Global financial issues combined with little direction from the federal government will augment the downward trend until January and possibly beyond should we have an election.
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: December 8, 2008