Kitsilano Condo Market Update: March 2014

06.03.2014

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What’s Happening in the Kitsilano Condo Market? 

Condos in Kitsilano showed quite a bit of interest, and unlike many other areas of town – we saw 10% average decline in price. There were more than twice the sales in February compared to the previous month, and an increase in listings as well. Interestingly, the sub-$425,000 market and the $600,000 to $1,000,000 market’s performed best with at least 28% sales to active ratio (a Seller’s Market), where the $425,000 to $600,000 price bracket was sitting at 11% (a Buyer’s Market). This difference explains a median price of $415,500, and an average price is $495,609. Much of this is due to a lack of inventory in the mid range market, however, it could indicate some potential Buyers looking elsewhere for their second home. Come summer, we should see strong numbers in each price bracket.

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Kitsilano Condo Sales

One of the most expensive condo sales in Kits last month was at Black Swan at Bayswater and West 4th Ave. This 2008 built condo has 1078 sqft, with 2 bedrooms, 2 bathrooms and a large corner patio. This home came with 2 parking spots and a storage locker, and is the larget unit in the building. It was listed for $898,000 and sold 31 days later for $858,000.

One of the least expensive condo sales in Kits last month was a 605sqft 1 bedroom, 1 bathroom home right by the beach at York Ave and Vine St. This condo was completely renovated in 2014 with new flooring, kitchens and bathroom. The unit has 1 parking and 1 storage, though no shared laundry. Listed for $339,000, it sold for $330,000 9 days later.

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