Hello Kitsilano! I’ve had a busy two weeks and am finally getting to this market update, so I’m going to keep it short this month.
Overall, the market is picking up like we expected. The calendar turned to April and we started getting some great inventory and have seen a lot of buyer activity. Make no mistake, the market still isn’t anywhere near the nuttiness that was the last few years, but buyers are jumping on good options right now, and are taking advantage of the chance to have a subject removal due diligence period and the low interest rates.
Kitsilano Houses have an 18% sales to active ratio and an HPI Price of $2.25-million.
Kitsilano Townhouses have a 17% sales to active ratio and an HPI Price of $1.02-million.
Kitsilano Condos have a 28% sales to active ratio and an HPI Price of $633,500.
All HPI Prices are down from this time last year so there has been a slight drop in prices. Inventory for houses and townhouses is about the same as it was last year, but we’re seeing more condo inventory right now as those home owners try to take advantage of the drop in prices on bigger properties. I expect to see more inventory hit the market in April and May so there should be a nice balance in the number of properties available compared to the number of keen Buyers so there are going to be some good opportunities out there.
As always, don’t hesitate to contact me at [email protected] or 778-387-7371 if you have any questions or are interested in chatting about the market.
KITSILANO CONDO MARKET UPDATE
Here are the stats for the Kitsilano Condo Market. On average, units are selling within about 3 weeks and the market is showing balance between Buyers and Sellers.
1 Bedroom Condos in Kitsilano
Sales to Active Ratio: 33% which shows a good market, but is down from this time last year.
Average Price: $639,692, which is down 2% from this time last year
Average Price per Sqft: $921/sqft, which is down 8% from last year (this tells me that people are buying bigger units).
Total Inventory: 40, which is down from the high in the Fall but more than this time last year.
2 Bedroom Condos in Kitsilano
Sales to Active Ratio: 22%, which is a decrease of 72%
Average Price: $1,127,417, which is an increase of 20% compared to last year, though this past month had a higher than normal average sale price so
Average Price per Sqft: $1,053, which is an increase of 5% compared to last year
Total Inventory: 27, increase of 70% compared to last year
KITSILANO TOWNHOUSE MARKET UPDATE
Here are the stats for the Kitsilano townhouse market. Overall
2 Bedroom Townhouses in Kitsilano
Sales to Active Ratio: 10%, a decrease of 62%
Average Price: $995,000, a decrease of 21% from last year
Average Price per Sqft: $908/sqft, a decrease of 18% from last year
Total Inventory: 21, an increase of 75% from last year
3+ Bedroom Townhouses in Kitsilano
Sales to Active Ratio: 29%, which is about the same as last year
Average Price: $1,594,000, a decrease of 14% since last year
Average Price per Sqft: $1,020/sqft. a decrease of 12% since last year
Total Inventory: 7, which is about the same number amount last year at this time
Check out our Kitsilano duplex for sale: 2497 W 7th Ave
KITSILANO DETACHED HOUSE MARKET UPDATE
Here are the stats for the Kitsilano detached house market, which has seen a nice increase in activity (thanks to a decrease in price compared to the last few years):
Resale Detached Houses in Kitsilano
Sales to Active Ratio: 19%, which is 10% less than this time last year
Average Price: $3,046.667, which is an increase of 6% over this time last year
Total Inventory: 48, which is the same amount we saw at this time last year so I would expect inventory to increase like it did last year
New Construction Detached Houses in Kitsilano have bee a slow market. The last sale was in June 2018.
Check out our Kitsilano detached house for sale: 2011 Creelman Ave (in lovely Kits Point!)