Kits Townhomes & 1/2 Duplexes: Market Update for January 2014

12.01.2014

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The Kitsilano Townhome and 1/2 Duplex Market

The Kits Townhome and 1/2 Duplex Market has stalled slightly. We expected a drop in listings and sales over the holidays, but we’re also seeing fewer sales than last year at this time. On a related note, prices have increased: the average price is up 42% to $1.25-million, while the median price is up 10% to $854,000. Interestingly, the price per sqft has dropped to $696/sqft, meaning homes are generally bigger than they have been in the past (I expect this is due to more 1/2 Duplexes on the market than last year since they have more square footage than townhomes). The average days on market is up almost 75% to 40 days. Take a look at the price breakdown as well: 4 sales were under $600,000 (all townhomes) whereas 4 sales were over $1-million (most 1/2 duplexes).

Kitsilano is a fairly small market and the interest and numbers can change quickly easily. There is always quite a bit of interest in Kitsilano, though with the prices creeping upwards, it makes it harder for the market to maintain a strong demand.

Newsletter_Graphs_Dec2013_Townhomes_Kits

Recent Kitsilano Townhome and 1/2 Duplex Sales

One of the least expensive townhouse sales in Kits last month was at Vine and 7th Ave. This 750 sqft 2 bedroom, 1 bathroom unit is in good condition but needed some updates to the kitchen and bathroom. The building has been well maintained with a new rainscreen and roof. Parking and storage are included. Listed for $459,000, the unit sold 35 days later (after being on the market previously as well) for $451,250.

One of the most expensive 1/2 duplex sales in Kits last month was at 7th Ave and Balaclava. This 2100sqft, 3 bedroom, 3 bathroom rear 1/2 duplex was transformed into a streamlined home. Skylights, radiant heating, marble bathrooms and European fixtures make this home modern and bright. The unit has a south facing backyard and 1 car garage. Listed for $1,895,000, it sold 99 days later for $1,795,000.

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