Kitsilano Monthly Real Estate Update for November 2018

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Hello LiveKitsilano.com readers!


We’re into November and the Real Estate Market is keeping me busy. We’re definitely in a Buyers market, if not a balanced market for certain kinds of inventory and neighbourhoods. This is a fun market since it gives me time to go on tours with clients to see a handful if properties at once, negotiate offers and take our time to make sure the property is right. Buyers can find some deals and Sellers can finally leverage the opportunity to move up to a bigger property. Inventory is selling, though it typically takes a couple weeks. I’ve noticed with my own listings that I’ll meet some Buyers at an Open House and then a couple weeks later they’re calling to come for a second viewing.


As with any market, you’ll find a variety of different pricing strategies. Some Sellers are over listing their property to give themselves a built in buffer zone when it comes to negotiating (this typically isn’t the best plan of action, but we can talk strategy with everyone’s individual situation) and some Sellers are pricing low if they want the property to sell quickly. I heard of two multiple offer situations in the last 2 weeks on properties that were listed quite low, even with the drop in market we’ve seen over the last couple of months.


The Kitsilano Real Estate Market is in a good place. The numbers show:


SALES TO ACTIVE RATIO


(up from last month but down from last year, across the board)
13% for Detached Houses in Kitsilano
30% for Townhouses in Kitsilano
30% for Condos in Kitsilano


HPI PRICE


$2,378,700 for Detached Houses (up from last month, down from last October)
$1,042,000 for Townhouses (same as last month, down from last October)
$641,200 for Condos (up slightly from last month, up from last year)


INVENTORY


55 Detached Homes in Kitsilano for sale (down from last month and last October)
30 Townhouses in Kitsilano for sale (similar to last month and up slightly from last October)
104 Condos in Kitsilano for sale (similar to last month and doubled from last October)



We’re quick coming up to Christmas time (yay!) so the market will slow down over the holidays, with Buyers focusing on the holidays, and Sellers taking their property off the market, likely with the plan to re-list in the New Year. For Buyers looking to buy, we’re coming to a point where if you don’t find something in the next couple of weeks, it could be months before you see enough (good) inventory to get your moving. Don’t discount a property just because it hasn’t sold yet either.. work with your agent to find out if it was incorrect pricing (then negotiate the Sellers down) or bad luck (I’ve seen some great properties sit for no other reason that Buyers were gun shy).


I still don’t expect prices to increase in the next couple of months, but I don’t expect an overall decrease  in the market considering that it’s already come down. Buyers, you have the chance to buy in a slow market, take advantage of the opportunity, especially if you plan to hold the property for a few years. Sellers, don’t worry too much about your actual sale price, rather think more about your profit and how much your next home has likely dropped in price as well.


As always, don’t hesitate to let me know if you have any questions on the market, particular properties, or what you need to do to get ready to buy next year: [email protected] or 778-387-7371.


Kitsilano Condo Real Estate Market Stats


The Kitsilano condo market has high inventory numbers compared to the last few years, and steady prices. The sales to active ratio is quite strong, though it doesn’t feel too busy out there on the ground. Buyers typically have a couple weeks to think about a listing before it sells, though not always so get to know the market so you can spot a deal when it’s available.


1 Bedroom Condos in Kits


– Sales to Active Ratio of 28%

– 18 sales
– average sales price of $635,844
– 64 units for sale
– average days on market of 24


2 Bedroom Condos in Kits


– Sales to Active Ratio of 39%
– 13 sales
– average sales price of $888,923
– 33 units for sale
– average days on market of 21


3 Bedrooms Condos in Kits


– No sales this past month!
– 7 units for sale


Kitsilano Townhouse Real Estate Market Stats


The Kitsilano townhouse market is certainly active, though there are some opportunities for Buyers. Prices are down slightly over this past year (though not significantly), yet the days on market are high (giving buyers some options) and total inventory is close to the highest it’s been all year.




1 Bedroom Townhouses in Kits


– No sales last month!
– 1 unit for sale


2 Bedroom Townhouses in Kits


– Sales to Active Ratio of 28%
– 5 sales
– average sales price of $992,800
– 18 units for sale
– average days on market of 38


3 Bedroom Townhouses in Kits


– Sales to Active Ratio of 40%
– 4 sales
– average sales price of $1,407,000
– 10 units for sale
– average days on market of 32


Kitsilano Detached House Real Estate Market Stats


The Kitsilano House market saw a drop in price this year (to no one’s surprise, the expensive markets always fall first) but prices are picking up again slightly. Inventory has been pretty steady since April, though we’re seeing fewer properties available than we did last year.


Re-Sale Houses in Kits


– Sales to Active Ratio of 14%
– 7 sales
– average sales price of $2,955,000
– 51 units for sale
– average days on market of 30


New Construction Houses in Kits


– No sales this past month!
– 4 new construction homes for sale


If you have any questions on a particular market or how your property will fair and what you need to do to be successful, give us a call: [email protected] or 778-387-7371.