The slower summer real estate trends across Vancouver aren’t too different in Kitsilano. Inventory is fairly consistent from last month (though higher than this time last year), while sales are increasing slightly. Great news for buyers and sellers, as there is a lot of product, yet not too much competition over sales. Sales prices are dropping slightly, though this was expected given the new mortgage rules and the shift (in favour of the buyer) of the market.
The apartment market in Kitsilano is going strong, with the highest percentage of new inventory and sales. Considering the affordability of apartments, this isn’t surprising. The attached market is seeing the same trend, with an increase in inventory and sales, and even a slight increase in average sales price.
The detached market has slowed down from this time last year, however given the solid reputation of living in Kitsilano and it’s proximity to UBC, downtown and the beach, this market always has staying power, and will rebound.
With all of this said, these statistics don’t tell the entire story. The high-end market is soft, but if you have something special, the buyers are out there. If you’re looking for 2 and den townhome, or an affordable well maintained home west of Victoria Drive, there just isn’t a lot of good product out there to choose from. If you’re looking for a 1 bed and den on the Westside or Downtown, there are deals to be had. You can’t paint the entire market with the same brush, and to make a sweeping statement about the market is tough.
There should be lots of action in September, both with listings and sales, so we’ll see what the Fall brings us. For now, keep your eyes on the inventory (& the quality of that inventory), and go out & enjoy the sun! Total Inventory and Sales graphs after the jump.
Last modified: August 20, 2012