CONDO MARKET: WHATS GOING ON?
Despite the typical and cyclical summer slowdown, things have been very strong throughout the start of summer. With a slow start to 2017, we had a back-up of motivated Buyers who are willing to move on things asap.
The stats support this. The MLS HPI (Home Price Index) for condo’s in Kits is now sitting at $606,400.
These numbers are driven by many factors, one of which is the simple principle of supply and demand. Inventory numbers in this segment are lower than we’ve seen for 10 years for the month of June.
HOW THINGS STACK UP?
A lot of my buyers are asking similar questions. Do we wait and get a bigger down-payment to get into something a bit bigger. 1-bed condo vs 2 bed and save the next move in 3-5 years once things change or kids come into the picture?
It’s a very reasonable question to ask, So here we go….Average sales price of 1 bed/ 2 bed and 3-bed condos in Kits.
Overall this market segment is very strong. I’d suspect we will see a minor slow down based on it being the summer… and hot weather but expect a busy Fall.
If you are considering buying or selling in Kits get in touch – Charles@LiveKitsilano.com – 604.441.7149