What’s happening in the market?
Home buyers remain very active despite the reduced supply of homes for sale. What does this mean? As in previous months we are seeing a saturated buyers market with very few homes for sale, creating a bidding frenzy for good product. – If you’re thinking of selling, this is the time to do it!
Home sales are more than one third above what’s typical for this time of year, yet inventory numbers are the lowest we’ve seen in 5 years.
Low inventory seems to ring true for Kits Condo’s inventory numbers down 46% from this time last year and average sales price up 10% from last month and 17.2% from last year. We saw 24 sales this month being snapped up in under 18 days on market, a shade quicker than last months 21 days and this time last years 23 days on market. The most active price point are condo priced between $400,000-$500,000 with 16 of 20 homes sold this month. A solid absorption rate of 60%. On the ground I’m seeing well priced quality condo’s get snapped up. Bidding wars are common and properties are frequently going well over asking, not something you’d expect in the first time condo buying market.
Kitsilano Townhomes and 1/2 Duplexes.
We follow the trend once more with inventory numbers down 36.5% from this time last year with only 33 listings compared to 52 last year. But we buck the trend with more Townhomes listed this month than last up two with 33 active listings. Smart selling are viewing this as a great time to sell, with motivated buyers ready to take that next step. Days on market truly shows how crazy a market is, with most homes being snapped up in the first week or two. Kits Townhomes look to be no different but compared to this time last year days on market have dropped dramatically from 50 DOM down to 12, that’s a 76% reduction, a true reflection of this market.
The most active price band are 3 bedroom units between $800,000- 1,000,000.
Kitsilano Detached Homes.
This is where we really see some crazy numbers and the market usually starts here and trickles down to the other segments.
As you can see, a 25.8% drop in inventory compared to last moth and a 14.8% drop from this time last year. More shockingly we see a 44.3% increase in average sales price from last year with the average home now selling for $2,550,684!
The most active price point are homes between $1,800,000 and $2,000,000.
How do these numbers compare to the rest of Vancouver? The Metro Vancouver Detached market saw sales this month reach 1,437 and increase of 13.1% from a year ago. The benchmark price for a detached home in Metro Vancouver increased 20.1% from last year now siting at $1,197,600.