Kitsilano Market Update for May 2015

10.05.2015

Share This!

Another very busy month for Westside Real Estate. The market does not appear to be 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 segment. We are still 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.

Kitsilano_Real_Estate_Houses_May2015

Kitsilano Townhomes:

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

Screen Shot 2015-05-10 at 12.44.09 PM

Screen Shot 2015-05-10 at 12.44.33 PM

Screen Shot 2015-05-10 at 12.44.41 PM

Kitsilano_Real_Estate_Townhouses_May2015

Kitsilano Condos:

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?

Screen Shot 2015-05-10 at 1.02.10 PM

Screen Shot 2015-05-10 at 1.02.21 PM

Screen Shot 2015-05-10 at 1.02.34 PM

Kitsilano_Real_Estate_Condos_May2015

 

This market is a tough one to forecast but I don’t see the start of the seasonal summer slow-down anytime soon. With great inventory and low interest rates driving this crazy market lets wait and see!

[x] close

Login for Full MLS Acess

Name* (first and last):

Email Address*:

Price Range: -

Property Type:

How many bedrooms?

How many bathrooms?

What area? (Near xxx)

I'm looking for a home that: (Allows pets, has ocean view)

Are you working with a Realtor?

Terms of Use

The term Virtual Office Website ("VOW") refers to a Participant's (REALTORS®) Internet website, or a feature of a Participant's Internet website, through which the Participant provides real estate brokerage services to Registrants (clients and prospects) with whom the Participant has first established a relationship where the Registrant has the opportunity to search for MLS® data, subject to the Participant's oversight, supervision and accountability. By agreeing to these "Terms of Use" you:

  1. acknowledge and understand that the Terms of Use do not create an agency relationship and do not impose a financial obligation on the Registrant or create any representation agreement between the Registrant and the Participant;
  2. understand that all data obtained from the VOW is intended only for your personal, non-commercial use;
  3. do have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered through the VOW
  4. agree not to copy, redistribute or retransmit any of the data or information provided;
  5. acknowledge the Board/Association ownership of and the validity of the copyright in the MLS® database.
  6. agree that all information provided may be provided to the relevant Board and may be used to administer and operate the VOW and to investigate any breach of security of the data or the MLS® rules
  7. that a "mouse click" is sufficient acknowledgement and agreement to the terms
  8. must supply a user name and a password, the combination of which must be different from those of all other Registrants on the VOW, before being permitted to search and view information from the MLS® database via the VOW.
  9. must provide a valid email address. The Registrant may be permitted to access the VOW only after the Participant has verified that the email address provided is valid the Registrant's agreement to the VOW's Terms of Use is confirmed.
  10. understand the Participant must at all times maintain a record of the name, telephone number and email address supplied by the Registrant, and the username and current password of each Registrant, such records to be kept for not less than 180 days after the expiration of the validity of the Registrant's password. If the Board/Association has reason to believe that a Participant's VOW has caused or permitted a breach in the security of the data or a violation of MLS® rules related to use by one or more Registrants, the Participant shall, upon request, provide to the Board/Association a copy of the record of the name, email address, telephone number, username, current password, and audit trail, if required, of any Registrant identified by the Board/Association to be suspected of involvement in the violation.
  11. Understand that information on this site is deemed to be valid but is not guaranteed. It is the responsibility of the registrants to confirm all information on their own. Broker may not have reviewed or approved listing enhancements. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
  12. Understand any agreement entered into at any time between the Participant and Registrant imposing a financial obligation on the Registrant or creating agency representation of the Registrant by the Participant must be established separately from the Terms of Use, must be prominently labelled and may not be accepted solely by mouse click
  13. have received, read and understand the brochure published by the British Columbia Real Estate Association entitled Working With a REALTOR®

Having agreed to the terms and conditions of use, I would like to have access to this VOW information.

 Terms and Conditions I agree to the Terms and Conditions

[x] close

Login for VOW Access

Remember me

Don't have an account? Register now!