Happy March Everyone! I have to say, this has been one of the busiest starts to the year that we’ve seen in a long time. Across the board, listings are up, sales are up, prices are up and “days on market” are down. The market is showing a lot of activity, in every neighbourhood and in many different price points. We’ve seen MANY units go into multiple offers a few days after being listed, thanks to a high demand from prospective Buyers who are financially ready and knowledgeable of both the market and what they want in a home. Many Buyers have unfortunately been involved in a few unsuccessful multiple offer attempts, which increases the desire to secure a good property when it’s listed. Mortgage rates are low, which gives some Buyers an extra financial lift, and with all the sunny days we’ve been having, properties show better and get people out of the house to view them. It’s a Seller’s Market, but the quality of homes on the market is getting better every week, giving Buyers some good options.
Scroll down for our specific update for houses, townhouses and condos!
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Detached Houses in Kitsilano Monthly Market Update
This month’s market has been a busy one, low interest rates combined with a lot of prepared buyers and slowly increasing inventory numbers has led to a multiple offer market place – great new listings are getting more than one offer after the weekend open houses.
Inventory is up, but only sightly, with all Westside markets officially a Sellers market with a 23% sale ratio (meaning 2.3 in 10 homes selling). The Kitsilano Detached Market is sitting much higher at a 35.8% sales ratio with 31 listings and 11 sales – it’s a great time to be a Seller in Kitsilano. If you’re thinking of selling, find out why you should list with LiveKitsilano, or give us a call for a free home evaluation.
On the ground, we’re seeing a busy market place with any well priced, desirable homes being snapped up in a matter of days.
Search all Kitsilano Detached Homes for Sale
Some Notable Kitsilano House Sales from February
The most expensive home to sell this month: 1857 Waterloo. 6 bedroom, 4 bathroom, 3,900 Sq.Ft. steps away from Jericho Beach. Listed at $2,798,000 sold over asking in 28 days for $2,850,000.
The least expensive home sold this month was: 2110 Dunbar – a 4 bed, 2 bath 1,503 S.ft. home. Listed at $1,278,000. The home sold in 9 days for $1,330,000.
Kitsilano Townhomes and Half Duplex Monthly Market Update
Again we are seeing a very busy market here, and thankfully there is a little more inventory to satisfy those Buyers! The number of Active Listings is sitting at 49 with 18 sales. With a36.7% absorption rate, this is definitely a Seller’s market.
The busiest price point of this market appears to be $1,200,000+ town homes and half duplexes. These include large Half Duplexes or Town homes with Buyers looking for a more affordable option to a Detached home.
Notable Kitsilano Townhouse and Half Duplex Sales from February
The most expensive Town home sold this month: 1358 Cypress. – 2 bedroom, 3 bathroom, 1,490 Sq.Ft. Listed at $1,198,000 sold in 10 days for $1,200,000.
The most affordable town home sold this month: 2221 W15th – 1 bed, 1 bath, 609 Sq.ft. with a large back yard. Listed for $385,000 sold in 18 days for $388,500.
Kitsilano Condo Monthly Market Update
This segment of the Kitsilano market has been busiest in the past month.
We’ve seen a 20% increase in inventory from last month (78 listings) compared to the 94 active listings for February. Sales have followed suit with a 93.8% increase in activity from 16 sales to 31. Again, Median Sales price is up from last month by 14.7% to $443,800. The most active price band are 1 bedroom condos from $400,000-$500,000 with 37 active listings and 11 sales this month.
Notable Kitsilano Condo Sales from February
The most expensive condo sold this month: 412-2263 Redbud Lane, which is a 2 bed, 2 bath, 1,100 Sq.Ft. Listed at $799,000 sold in 22 days for $799,000.
The most affordable condo sold in Kitsilano last month: 110-2080 Maple St – 2 bed, 2 bath 844 Sq.Ft. Asking $359,000 sold in 9 days for $390,123.