Welcome to the final Kitsilano Real Estate Market Update of 2016! And what a year it’s been!
As we enter the Christmas season, the Real Estate market naturally starts to slow down. As with previous years this upcoming week is likely the last week of 2016 where we’ll see a good number of new listings hit the market, with many Sellers waiting to get their busy Christmas schedules out of the way before listing their properties. You know how it is – Christmas parties, shopping, eating, more parties, more eating.
Despite the market slowing, we’re still seeing some fantastic properties hit the market in Kits. Like this 3 bedroom 1/2 duplex listed for $1,899, and this 2 bedroom apartment just minute to Kits Beach.
All this is great news for Buyers – less competition for that dream home you’ve always wanted. Now that’s what we call a good Christmas present.
Looking back over the past few months, the market has remained steady with average sales prices picking back up from the lull we saw in August – now sitting at $901,171.
As mentioned above, sales have slowed a little as we approach the Holiday season with less than half of the sales happening during November than what we saw in April and May with 122, 114 sales respectively. Homes are still selling quickly with most homes selling with an average of just 23 days on market.
Price per foot has dipped quite substantially from its peak in July of $898/ft now sitting at $783/ft.
Detached Housing Market.
We’ve seen the Detached market take a bit of hit recently, with all the new rules and regulations coming into play – the newly introduced foreign buyers tax and the stricter mortgage rules.
Listings are down month over month since the peak we saw in March, and now have 11 new listings compared to 44 in February.
Average Sales price has not followed the trend and is up from $2,387,200 to $2,903,073 for the last month.
Things are still selling but are taking nearly three times longer to sell. The January to June Average days on market was between 9-12 days, whereas last month’s average was 38.