Kits housing market continues brutal slide

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Kitsilano’s housing market continues its brutal slide in December. As of Dec 27th there were a total of 268 “attached” listings. Of that number only 13 sold with 111 price reductions and 37 whose listing mandate expired.

In Kitsilano the average list price was $668K. The lowest asking price was $249K and the highest $5.6 Million. The median was $539K. There is a lot of living in between the top and bottom.

The average sold price was $551K with the highest being $899K and the lowest $299K. The median was $570K.

As a neighborhood, Kitsilano is not exclusive in this melting market. On the Westside of which Kitsilano comprises a portion, the percentages are equally brutal. There are a total of 386 attached and 2055 apartments for sale. Year-over-year gross sales for attached have dropped 43% while apartments suffered a whopping gross sales drop of 69%. In total only 26 attached units sold with an average price drop of 10%. 102 apartments sold in the last month with an average of a 17% price drop.

With price reductions approaching 50%, the market has arrived at the “need to” versus “would like to” standard. While this is not new information, Sellers no longer control the market place and are advised to take a very serious look at the reason(s) they are selling.

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 29, 2008

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