July saw some new records – not a drop of rain and lots of Real Estate activity for what is typically a slower month. The big story that developed from analyzing the real estate numbers across Vancouver was a sheer increase in the number of sales compared to July of last year – which was the beginning of a slow market. With numbers like these we’re finally returning to a more normal amount of activity. I suspect that since the last four months of 2012 were unusually slow, the 2013 stats will continue look good in comparison. The media, as always, will ride this “story” of a hot market using these comparisons. Pent-up demand from the last half of 2012 is what fed our spring market and with the way things are going now, I’m guessing that we’ll be steady for the rest of the year.
Kitsilano, as always, moves to its own beat (partially because it’s a small Real Estate market). Though there was an increase in the number of sales over July 2012, the detached market didn’t follow suit. Townhomes in Kitsilano are hot right now with lots of sales and a solid decrease in average price. The detached market has slowed down a bit, though that’s one market that always picks up in the fall. Interestingly, the Kits condo and detached market saw a decrease in the number of days on market, while the townhome market saw an increase. When buyers don’t have much to choose from, the great Kitsilano Real Estate listings sell quick, benefiting the Sellers and the happy Buyers. The increase in inventory that comes every fall will be a welcome addition to the Real Estate market.
For more on these numbers, take a look at our full breakdown for each sector:
There should be lots of activity in the next little while. Since inventory is fairly low right now, if you’re interested in selling, now is a great time to get ahead of the busy fall market. If you want to get the ball rolling, give us a call. If you’re interested in buying, give us a call soon so we can go through the process and give you all the information you need before fall.
Otherwise, see you at Kits Beach!