With a month already gone in 2012, let’s look at how the Kitsilano real estate market fared to start the year.
The Kitsilano condo market has seen quite the yo-yo effect that past couple months. After a big spike in median pricing in November, and a drop in December that completely wiped out those gains, January showed a substantial bounce back in pricing that leaves us sitting above the average of 2011. I am excepting this number to level off a bit heading into Spring with more marginal increases in what is typically the busiest season in Kits real estate. Based on seasonal trends, I would also expect to see listing inventory and sales activity climb significantly through February and March. This is a trend that we have seen the past few years and history looks to repeat itself this year.
In the Kitsilano detached housing market, January displayed a similar bounce back month to what we saw in the Kits condo market, only to an even great degree. Both median and average pricing leapt over November numbers, with both numbers setting new highs. Unlike the condo market, we also saw an early boost in sales activity here, which is the key driver for the increasing prices. I suspect this market will be really hot over the next 2-3 months before cooling significantly through the rest of the year.
Last modified: February 10, 2012