Kits Market Heats Up Compared to a Year Ago

June 27th, 2006 Categories: Kitsilano, Vancouver Real Estate

The Market in Kits has Heated Up.

Comparing the sales of Kits houses and condos between last May, 2005 and May of this year reveals a dramatic increase.
Just look at these figures.

Condos:A year ago, you could buy a kits condo for as low as $195,000. Now it’s up to $225,000. The median price in may ‘05 was $349,000, while this May it was $444,000.This year, Vue at Kits (2386 Cornwall) has achieved the highest $ per square foot price ever for a Kitsilano condo, at $2.3 Million for 1800 sq. ft.
In general, Kits condo prices have increased 14% over the last year, 60% over last 3 years and 100% over last 5 years.

Houses:
The median price of a Kits house a year ago was $756,000, now its up to $951,000.
This May, 21 house sales were recorded, at prices ranging from $735,000 - $1,818,000. 14 sold over list price, 4 sold full price, only 3 were less than list. Of these, only 12 sold under $1M.
Contrast this with May 2005: 11 sales, with 8 sold under $1Million. 2 sold over list and 3 at full price.

This May saw townhome sales at 35. Of these, 6 were under $500,000, and 32 were under $1Million. Of these, 8 sold over list price, while11 sold at full price.
Contrast this with the statistics for last year, May 2005, with 22 sales. At that time, 10 sold under $500,000, all 22 sold under $1Million; 4 sold over list and 4 sold at list price.

A total of 47 condos sold this May in Kits. The least expensive of these: $225K for a 475 sq ft studio at 1425 Cypress. The most expensive? 2385 Cornwall: $2.3Million for 1790 sq. ft.
Next expensive: 2268 W. Broadway (The Vine, which is under construction) selling 988 sq. ft. for $610,000. 30 of these sales were one bedroom suites. The most expensive was 2175 Salal, where 756 sq. ft. sold for $465,000 (or $615 pr sq ft). Compare this with its selling price in February ’04 of $345,000.
The least expensive 2 bedroom condo was 1990 W. 6th, where 759 sq ft sold for $355,000. This May only 9 sales were under $300,000, while 20 sales were under $400,000 and 5 were over $500,000.

Once again, compare with May ‘05 Kits condo sales when 59 condos sold. The least expensive was 2565 W. Broadway at $171,500. The most expensive was 2263 Redbud, $670,000. Of these, 3 were studios, 32 were one bedrooms, the rest were two bedrooms. The least expensive one bedroom was 2125 W. 2nd at $195,000, and the most expensive was 2288 Marstrand at $366,000. In two bedrooms, the least expensive was $305,000 at 1845 W. 7th.
In May ’05, 28 sales were under $300,000; 50 were under $400,000 and 4 were over $500.000.

I have always known Kitsilano to be one of the most desirable areas of the city, and these stats confirm that many others agree. Ask me about current availability in Kits - I’d be more than happy to help you.