Hello LiveKitsilano Readers!
The sun has been out recently and Kits always comes alive when the weather is nice. The real estate market has seen an uptick in activity too. It was an expected increase when you look at historical averages, but the market has been down for long enough, with obvious opportunities, that buyers are taking advantage of it. The sales active ratio is 37% for condos, 35% for townhouses and 20% for detached houses, which are really strong numbers.
The number of new listings dropped in February but overall inventory levels are still fairly high compared to the last few years. After chatting with quite a few Sellers this past month, I can say that many were hesitant to list with the market being slow, but these positive numbers will encourage new listings and keep the market rolling for both Buyers and Sellers.
The HPI Price in Kits increased slightly this past month, but it’s still down compared to this time last year. Condos are generally down 8.1%, townhouses are down 5.4% and detached houseware down 8.3%.
I’ve seen a lot of good inventory on the market recently, and at good prices. I’ve seen a few multiple offer scenarios recently where a unit has been priced really well, and even with a few offers the Buyers aren’t going overboard on their price, so the units still end up selling for a reasonable price.
Right now, the condo, townhouse and detached house market are all having different experiences so read on for a bit more information on each.
These numbers only tell part of the story so if you’re curious about a particular type of product, want to know what to expect out there, or haven’t sat down with an agent yet, give us a call!
SALES TO ACTIVE RATIO:
KITSILANO CONDO MARKET UPDATE
This past months stats for Kitsilano condos show that the market is really busy, but it doesn’t quite feel that way out there. Units are selling and the market is active, but these numbers put the condo market in a Seller’s Market, yet we’re not quite there.
There are a lot of first time buyers out there, who are nervous thats to the uncertainty in the market and dealing with those tough mortgage restrictions. The news talks about how the market is correcting, but the news often focuses on the detached house market which always corrects themes (expensive markets have further to drop) so I get the sense that these first time buyers expect the market to be softer than it is, but more experienced buyers understand that the market is down right now, which offers opportunities that you don’t see when it’s up.
I’m also seeing a lot of first time buyers who are just starting their searches so they aren’t confident enough that what they’re seeing is great enough to jump on, but that comes with time when you educate yourself on buildings and get out to see your options. Overall, you will be getting a good unit, at a good price, at a good interest rate right now.
The 1 bedroom condo market has a 47% sales to active ratio and an average price of $590k (down 10.3% from this time last year).
The 2 bedroom condo market has a 23% sales to active ratio and a $863k average price (down 11% from this time last year).
The 3 bedroom condo market has a 33% sales to active ratio and a $1.2-million average sales price (down 15% from this time last year).
Both new listings and inventory dropped this past month but hopefully some increased activity will give Sellers some confidence in listing.
I’m still seeing a wide variety of pricing strategies out there, so it’s not always easy for buyers to know what a unit is actually worth, but that’s where we come in as your agent.
AVERAGE SALES PRICE:
KITSILANO TOWNHOUSE MARKET UPDATE
The Kitsilano townhouse market is having a bit of a moment right now. There is a lot of great inventory right now, at great prices, and the Buyers are taking advantage of it. Good units are generally selling within the first week.
The sales to active ratio is 33% for 2 bedroom townhouses and 40% for 3 bedroom townhouses. Inventory increased across the board, but new listings were down for 2 bedroom townhouses in Kits.
Overall, sales prices were slightly down over last month and won over last year. The 2 bedroom townhouse market has an average price of $1,035,000 (down 20% from last year) and the 3 bedroom townhouse market in Kits has an average sales price of $1.4-million (down 22% from last year. No wonder the market is busy right now!
AVERAGE SALES PRICE:
KITSILANO DETACHED HOUSE MARKET UPDATE
Detached Houses in Kitsilano have entered a realm where there are some smoking deals out there and Buyers are definitely noticing. Prices have dropped the most in this market (not surprising since the most expensive markets always drop the most). Prices are close to being in line with East Van, so it’s piquing the interest of those who looked East while it was more expensive in Kits.
The number of new listings is down slightly, but inventory is generally holding holding steady, with an increase in
The sales to active ratio is 41% for re-sale houses on standard lots (about 33′ x 122’) and 6% for re-sale houses on bigger lots. There hasn’t been a new construction home sale in Kitsilano since June.
The average price is $,2,257,000 for re-sale houses on standard lots (down 24% from this time last year) and $2,408,000 for re-sale houses on big lots (down about 16% from last year). Keep in mind these umbers are averages. There have bee a lot of homes for sale under $2-million recently, so there are opportunities out there!