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?
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.
Favorite New listing:
405-1858 W8th Ave – Awesome 1 bed + Den at Greenwich Village. City + Mountain Views, top floor, great deck.
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.
Favourite New Listing:
3350 W2nd Ave: 4 bed, 3 bath, craftsman renovation. – $1,850,000.
More info on this listing:HERE
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:
More info on this property: HERE