Once again we’ve had another crazy month in Real Estate. The trend continues as the westside’s a sellers market with a 32% sales ratio ( 3.2 i n 10 homes selling.) Here is Kits we are looking at an even higher absorption rate with 4.2 in 10 homes seller or 42.8% Sale ratio for Detached homes and a staggering 67.2% sales ratio for Attached condos and townhouses.
Jumping into the submarkets, Kitsilano Detached home market has been a busy one. Numbers are slightly down from this time last year but inventory numbers are up 5 from last months 13 active listings. Incredibly the average sales price is up once more from April hitting $2,741,699. This is a huge jump looking back to May 2014’s average sales price of $1,807,043 a 51.7% increase!!
Our largest inventory numbers came from 5 bedroom homes over $2,800,000… this is also the slowest market with a 19.5% absorption rate.
Kitsilano Townhomes & 1/2 Duplexes.
The town home market has had another strong month. We usually see a steady market for town homes as inventory numbers are lower than condos and we have a constant stream of downsizes ready to snap them up. Inventory numbers are down 10% from last month with 45 active listings but sales are up 20.8% with 28 sales.
The average buy in price up 36.2% from last year now sitting at $1,183,016. Still the more affordable option than a home. The most active price band appears to be 3 bedroom Town homes $1,200,000 + with over a 64% absorption rate!
A notable sale this month was 1645 Stephens – 3 bed – 4 bath – 1,666 Sq.Ft. Listed at $1,798,000 sold in 8 days for $1,982,000.
Inventory numbers are up slightly from last month with 107 active listings but sales are down 16% from last month….. It looks like the summer slow down may be hitting the condo market first. We are still seeing a very solid Sellers market with 46 of 107 condos sold a 43% absorption rate. Average sales prices are down 2.2% from last month, but good news they are up 4.6% from this time last year! Days on market are up slightly to 24 days average.. this may have something to do with the wonderful sunny days we’ve been having….. hitting the beach instead of the open houses!
A notable sale this month was in one of my favourite Buildings in Kits. The Vermeer, a boutique 4 storey concrete complex located at 2035 West 4th ave.
PH1 listed at $2,228,000 – 2 bed – 2 bath – 1,637 Sq.Ft. – Built 2014 – Sold $2,333,777.
If you have any questions or would like to chat Real Estate please call or email me. – 604.441.7149 – Charles@LiveKitsilano.com.