Conditions this month continue to favour home sellers across Vancouver’s housing market. Residential home dales have been trending at 24- 30% above the ten years sales average for most of this year and I don’t see that slowing down as homes listed have struggled to keep up with demand.
The MLS Homes Price Index composite benchmark price for all residential properties in Metro Vancouver currently sits at $722,300 a 13.7% increase from last year.
Average sales prices are up in all segments this month seeing a minimum of 35% active to sales ratio.
Kitsilano Detached Market.
We saw a 3.3% change in inventory numbers compared to last month, this factor is to only one extra listing 30 vs 31 listings. However we did see a significant drop in number of sales compared to last month, down 21.4% from 14 sales. These numbers get magnified due to lower inventory numbers across the board but are on par with last years numbers for this time of year.
The homes that have been listed are being snapped up even faster with average days on market dropping 30% from 23 days down to only 16.
Kitsilano Townhomes & 1/2 Duplexes
The numbers really give us a glimpse into whats happening in this market. Sales are down over 30% from this time last year. The demand for town-homes are very high, with down-sizers and young families looking to get into the market. Low inventory and high demand result in a drop in days on market down 29.4% from this time last year to only 12 says average price follows the trend and is up 19% from last year and 6.2% from last month.
On the ground we are seeing a saturated buyer pool with a limited number of listings for them to buy. Anything of substance is snapped up in a matter of days and typically with multiple offers with homes going way over list price.
Similar numbers for the condo market this month. Inventory numbers are down 43.7% from this time last year and active listings are almost identical to last months numbers.
As with the other Kitsilano segments the low inventory numbers are driving prices sky high. Average sales prices up 22.6% from last year now sitting at $539,532. The most active price point are condos between $400,000 $500,000 with a 94.1% absorption rate or 16 of 17 listings selling.
If you’re considering selling your home to either move away, downsize or upgrade now would be a fantastic time. Please contact us with any questions about your home or anything real estate.
-Charles Filer – Charles@LiveKitsilano.com – 604.441.7149 –