It was a busy month for Westside real estate. The Kitsilano market is not slowing down as we break into the sunny summer months.
Inventory numbers are down slightly in the detached market but up in the condo and town-home segments. We are seeing a dominant sellers market across the board with a 51.52% sales ratio in the Detached market and an incredible 59.26% in the Kitsilano attached market. The most active price bands are: $1.25-$1.5mil (detached ) 89% sales ratio, $0-$350,000 (attached) 45% sales ratio. Well-priced solid homes are still selling very quickly with an average of just 13 days on market!
Kitsilano Detached Market:
The numbers speak for themselves when we look into Kitsilano Homes. Very limited inventory and lots of demand! Only 33 listings this month and 17 sales. This market is dominated by local buyers looking to either downsize from a bigger home in Point Grey or Dunbar and looking for the laid back beach lifestyle or young families looking on the westside. The average sales price for a Detached home on the Westside dropped slightly from last mont but still sits at a staggering $2,630,000.
The town-home and half duplex market has seen a little more action with 50 listings and 24 sales this month a solid 48% sales ratio. Average sales price up 10% from April 2014 at $1,115,187. The most active price band for this segment being the $1,2000,000+ with 22 listings and 7 sales. The Town-home market is one of my favourite areas as we get to see a lot of unique product and some great West Coast Craftsman style homes like the one below:
3050 Maple St – 1482Sq.Ft. – Listed at $1,298,000 – Sold at $1,398,000 – 3 bed – 3 bath
We’ve seen a very busy market in the Condo market. Inventory numbers are typically much higher than Detached homes and Town-homes, this trend continues with 99 listings and 55 sales. Median sales prices up 10.9 % from April 2014. The most a active price band here are 1 bedroom condos between $400,000-$500,000 with 37 Listings and 18 Sales this month.
Average days on market has increased by 80% from last months 10 days. We are still seeing a swift turnover with only 18 days on market.
Notable sale this month:
308-1978 Vine St “Capers Building” – 928.Sq.Ft. – 2 bed – 2 bath – 14’x34? Sun Deck – Listed at $829,000 – Sold at $834,000.
Great investment building, full concrete, Rentals allowed, Geo thermal heat…. and that deck with those views, what’s not to like?
This market is a tough one to forecast but we don’t anticipate the seasonal summer slow-down anytime soon. With great inventory and low interest rates driving this crazy market, let’s wait and see.
Last modified: May 27, 2015