Vancouver’s Kitsilano Market Analysis May 2008
June 13th, 2008 Categories: Kitsilano, Vancouver Housing Market, Vancouver Real Estate
Kitsilano’s May condo market saw an increase in the price over April and a slight increase in both listings and sales.
Listings 145 - of those 41 have had list price reduced and 4 have had it increased.
82 listed under $500,000. 59 listed between $500,000 and $1 million and 4 listed over $1 million.
Sales 45. Of those 9 had list price reduced and 2 had list price increased.
31 sold under $500,000 and 13 sold between $500,00 and $1 million. 8 sold at list price and 7 sold over list price resulting in half of all sales selling at or over list. Kitsilano condo market remains strong.
A tight market under $500,000 with only 2.5 months of inventory and still a sellers market. 4.5 months of inventory for Kitsilano condos between $500,000 and $1 million. For all of Kitsilano condos only a 3 months supply.
2008 SALES - Jan 26, Feb 44 , Mar 20, Apr 42, May 45
Average Days on Market 24
Average Price $484,029 (vs. $453,583 in April)
List Price to Sales Price Ratio 99%
Average $ pr sq ft - 600
REFLECTIONS: Kitsilano condo market remains the most undersupplied of the Vancouver West Side markets. Listings and sales are up slightly.
What are your experiences in the Kitsilano market? Competing offers? Lack of a good selection? Condo selling within 30 days?
HAPPENINGS - pre-selling:Lumen, Mantra, Camera, Pulse, Pure, Kore, Locarno, Musee, Luzon, 20/20 living
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