Vancouver Kitsilano’s Market Analysis July 2008

August 15th, 2008 Categories: Kitsilano, Vancouver Housing Market, Vancouver Real Estate

Vancouver’s Kitsilano condo neighbourhood saw sales for the month of July increase to 38 from 35 in June and listings at 159 versus 157 in June. Average $ pr sq ft and average price for sold condos were both up. Days on the market 43, up from June. Market bottoming?

Listings - 159. 46 of those Kitsilano listings had list price reductions (vs. 57 in June). 99 are listed under $500,000 and 52 listed between $500,000 and $1 million. 6 are listed between $1 and 2 million and 1 listed over $2 million.

Sales - 38. 14 Kitsilano condos had list price reductions (vs. 13 in June). 26 sold under $500,000 and 12 sold between $500,000 and $1 million. There is a 3.8 month supply of Kitsilano condos under $500K and a 4.3 month supply for condos between $500K and $1 million. No market for Kitsilano condos over $1 million for the month of July 2008.

2008 SALES - Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35, July 38

Expired Listings (those that didn’t sell) 9. 6 in June and 1 in July 2007.

Days on market 43 vs 28 in June

Average Price $439,663 vs $398,350 in June

List Price to Sale Price Ratio 98% (unchanged)

Average $ pr sq ft - $571.30 vs $564 in June

Kitsilano remains Vancouver’s tightest condo neighbourhood and boasts the best stats.

What do you think is happening in the Kits market? Is it bottoming? Leave a comment.

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