Kitsilano Market Update

08.08.2015

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Smoking hot summer market.

Vancouver homes sales are up and not by a little bit. We’re up a third when looking at a 10 year average for July. Thats significant. With inventory still lagging Sellers continue to benefit as Buyers compete for available homes.

 

Whats happening in the Kits Market?

Condos:

We saw 89 Listings and 38 sales this month, thats a 43% absorption rate. Average sales price is up again, sitting at $476,200. The Kitsilano condo market is typically the most saturated market for inventory but I’m still seeing multiple offers on desirable, unique and well priced condo’s.Screen Shot 2015-08-08 at 3.51.57 PM

Favorite New listing:

405-1858 W8th Ave – Awesome 1 bed + Den at Greenwich Village. City + Mountain Views, top floor, great deck.

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More info on this listing: HERE 

Town-homes and Duplexes.

We’ve seen another very active month in this market segment. Personally i’ve seen this market go crazy. The two biggest buyer pools are down-sizers who have the money but want something small and manageable and young family who can’t quite get into the house market. This combined with low inventory have made this a hard market to buy into… lets just say Multiple Offers!

We had 34 listings and 11 sales this month giving us a respectable 32% absorption rate with average sales price creeping up to $1,134,909.

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Favourite New Listing:

3350 W2nd Ave: 4 bed, 3 bath, craftsman renovation. – $1,850,000.

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More info on this listing:HERE

 

Detached Homes.

This market has seen a little summer slow down as expected. Inventory and average sales price are both done from last month with an average sales price of $2,394,800 with absorption rate following suite at 32%.

Even with the low inventory numbers we are seeing multiple offers on whats listed. Renovated Character homes are a favourite of mine and local buyers. But here’s a new listings that slightly unique for Kits, a contemporary home:

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More info on this property: HERE

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