Hello Kitsilano!
It’s the beginning of October if you can’t believe it. Vancouver Real Estate has a few seasons, specifically Spring and Fall, so that this point we’ve had a taste of the Fall Real Estate Market with the real activity to come after Thanksgiving this weekend.
The beginning of the Fall Market usually starts slow as people get back into the swing of things after summer time. There are usually a handful of deals right out of the gate, typically by Buyers who had been looking the previous Spring and Summer. We also see Buyers who are new to the idea, and spend September getting their mortgage approval in place while they learn about their options, so by October, they’re a lot more prepared to make a purchase. These are trends I see every year, though this Fall started differently than the last few. This past summer was slow – a combination of typical slow summers and buyer fatigue/tougher mortgage approvals – so we saw the market slow down for the first time in years. The Westside detached market has been slow for many months now, though the townhouse and condo market finally slowed as well allowing buyers the chance to negotiate price and submit “conditional” offers. Prices dropped slightly for mediocre units and stagnated for good units, with inventory moving a lot slower allowing the number of units available for sale to accumulate giving buyers more options and buying power. Keep in mind, good properties that are priced well aren’t sitting on the market long, so you still need to go after opportunities, but I do expect to see an increase in inventory in October, before things start to slow down for the holidays in mid-November.
It’s the kind of market where you have to throw out some offers to see just how motivated the Seller is (and be prepared to be denied). Some need to sell and some just want to sell. I’m seeing a bit of a logjam start to happen where people who can’t seem to sell their current property aren’t able to buy their next property. Of course, Sellers can try dropping the price but sometimes that difference in profit makes their next property unaffordable to them, so why bother dropping the price in the first place?
I don’t expect prices to increase in the next couple months, but I also don’t see big drops in price. I think inventory will increase, though much of that is because units are staying on the market longer. I think we’ll see this slower market continue until the Spring when it’ll pick up with Buyers and Sellers (similar to what happened last year). These slow markets are often the best time to find a deal, so don’t put your search on hold just yet. Make sure you’re analyzing the market so you know what’s happening with comparable properties so you can make sure you’re buying a good place for a good price.
Based on the numbers, the Kits Real Estate Market is still strong and properties are selling, but there is a small adjustment in price.
If you have any questions on the market, or what to talk about your plans to buy or sell, don’t hesitate to let me know: [email protected] or 778-387-7371. Every situation is unique and deserves some consideration ensure things unfold as best as possible for you.
Kitsilano Condo Market
1 Bedroom Kits Condos:
– 21% sales to active ratio
– 11 sales
– average sales price of $611,045 (down from $636k the previous month)
– 51 units for sales
– average days on market of 28 days
2 Bedroom Kits Condos:
– 30% sales to active ratio
– 12 sales
– average sales price of $932,367 (down from $971k the previous month)
– 40 units for sale
– average days on market of 12 days
3 Bedroom Kits Condo:
– No sales this past month, which isn’t surprising considering hat there are only 7 units for sale.
Kitsilano Townhouse Market
Similarly to the Kitsilano condo market, the townhouse market is still strong:
1 Bedroom Kits Townhouses:
– 100% sales to active ratio
– 1 sale last month
– average sales price of $978k (with so few sales this market will be sporadic)
– 1 unit for sale currently
– average days on market of 67 days
2 Bedroom Kits Townhouses:
– 25% sales to active ratio
– 4 sales
– average sales price of $1,038,375 (down from $1.402M the previous month, though that was due to a luxury sale bringing up the average)
– 16 units for sale
– average days on market of 31 days
3 Bedroom Kits Townhouses:
– No sales this past month, despite 12 units for sale. Asking prices range from $1.2-million to $2.4-million.
Kitsilano Detached House Market
The Kitsilano Detached market is the slowest market, and has been for a while now. This market was hit the hardest by the new taxes and mortgage approvals rules, and with many properties needing big renovations, they can be hard to for many people to afford.
Re-Sale Houses in Kitsilano:
– 4% sales to active ratio
– 2 sales
– average sales price of $3,150,000 (up from $2,611,909 the previous month)
– 57 units for sales
– average days on market of 55 units
New Construction Houses in Kitsilano:
– There were no sales last month and no current inventory
