Kitsilano condo market in May rocks! Listings down slightly to 191 but still 4 times higher than Dec’08, and solds up almost 10%. One & two bedrooms selling equally well. The average sale price equal to Oct’09 but less than Sept’09 and May’08 which were the highest. $psf equal to Sept’09 at $605. Average days on the market down to only 19 and 41% of the sales sold at or over list price. List price to sale price ratio steady at 99%. 68% of sales under $500k, up from 60% last month and 50% in March. Certainly a very healthy market with only 3.5 months of supply.
Vancouver Reflections: i was involved in many multiple offer situations in the Kits market in May and noticed the speed at which properties were selling. I also observed that as soon as the seller dropped the list price they got an offer, in most cases the property was only on the market for a couple of weeks. The prices have certainly topped and overall the market is squishy and prices are soft. If sellers price at what they should sell for the property will attract offers. The buyers can enjoy purchasing in a buyers market but they still can’t dilly tally too long. Expect summer to slow down, as always, which will present better buyer opportunities.
Listings- 191 - 13 listed under $300,000 (up from 6 in Apr) 46 listed between $300,000 and $400,000. 66 listings between $400,000 and $500,000, 25 listings between $500,000 and $600,000 and 23 listed between $600,000 & $700,000, 16 between $700,000 and $1M and 2 listed over $1M.
2008 Listings -Dec 117 , Nov 171, Oct 187, Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130
2009 Listings – Jan 104, Feb 107, Mar 122, Apr 107, May 87, June 81, July 78, Aug 71, Sept 81, Oct 80, Nov 65, Dec 46
2010 Listings - Jan 103, feb 107, Mar 171, Apr 200, May 191
Sales . 54- 22 sold between $300,000 and $400,000 (only 1 sale under $200k), 14 sold between $400,000 and $500,000. 9 sold between $500,000 and $600,000, 5 sold between $600K & $700k and 4 sold over $700,000 (up from 2 last month). Most expensive was $1,250,000.
2 studios, 27 were one bedrooms, 22 were 2 bedrooms, 3 were 3 bedrooms. In January most sales were 1 bedrooms.
Supply in months. Dec’09 – 1.6. Jan’10 3.8. Feb 3.9, Mar 3, Apr 4.2, May 3.5
2008 Sales - Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35, July 38, August 25, Sept 24, Oct 15 , Nov 12, Dec 12
2009 Sales – Jan 11, Feb 28, Mar 48, Apr 43, May 41, June 46, July 50, Aug 45, Sept 40, Oct 50, Nov 39, Dec 18
2010 Sales – Jan 27, Feb 27, Mar 54, Apr 47, May 54
2008 Average Days on the market – Jan 27, Feb 18, March 18. April 28, May 28, June 28, July 43, August 37, Sept 32, Oct 36, Nov 44, Dec 68
2009 Average Days on the market – Jan 68, Feb 38, Mar 35, Apr 32, May 33, June 26, Jul 35, Aug 18, Sept 14, Oct 18, Nov 26, Dec 25
2010 Average Days on Market -Jan 21, Feb 36, Mar 17, Apr 21, May 19
2008 Average Sale Price - Jan $449,600, Feb $486,260 Mar $451,000, Apr $ 476,452, May $492,063, Jun $ 398,350, Jul $439,663 , Aug 416,240, Sept $408,159, Oct $427,850, Nov $408,250, Dec $440,000
2009 Average Sale Price - Jan $440,400, Feb $416,800, Mar $406,841, Apr $414,283, May $396,114, June $421,042, July 460,866, Aug $464,134, Sept $493,000, Oct $474,400, Nov $428,000, Dec $461,000
2010 Average Sale Price – Jan $433,175, Feb $487,650, Mar $473,598, Apr $482,360, May $473,240
2008 Average Selling Price pr sq ft - Dec $498 , Nov $511 , Oct $518, Sept $555
2009 Average Selling Price pr sq ft – Jan $498, Feb $511, Mar $515, Apr $519, May $523, June $557, Jul $572, Aug $586, Sept $607, Oct $584, Nov 566, Dec 572
2010 Average Selling Price pr sq ft – Jan $625, Feb 614, Mar $603, Apr $618, May $605
Sale price to list price ratio 2008- Dec 95%, Nov 95%, Oct 96%, Sept 97%
Sale price to list price ratio 2009 - Jan 95%, Feb 95%, Mar 96%, Apr 98%, May 98%, June 101%, Jul 100%, Aug 100%, Sept 99%, Oct 100%, Nov 99%, Dec 98%
Sale price to list price ratio 2010 – Jan 99%, Feb 99%, Mar 99%, Apr 99%, May 99%
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