Kits condo market inventory continues to drop to the lowest level since we started this analysis 18 months ago. Vancouver real estate market analysis for Kitsilano condos saw July sales up and higher than any of the last 18 months. Listings dropped to a low of 78, half of what they wee a year ago. Average price for solds increased from $421,000 to $460,866 and for the last 2 months is higher than it was a year ago. Average Days on the market for sold condos increased from 26 to 35, List price to sale price ratio steady at 100%. Half the sales sold at or above list. Average $ psf for sold condos up to $572. July saw an increase to 25% of the sales over $500,000. Kits condo supply down from 9 months in January to a low of only 1.5 months. The one bedroom market is very tight with only 39 listings and sales in July. There was an increase in listings that didn’t sell or were cancelled - tonal of 10. Where does it go from here? Unless there is an increase in inventory prices will continue to climb.
Listings- 78. 8 listed under $300,000. 17 listed between $300,000 and $400,000. 25 listings between $400,000 and $500,000. 14 listings between $500,000 and $600,000 and 11 listed between $600,000 & $800K. 3 listings between $800k and $900k. Currently there is 2 studios listed, 39 are one bedrooms and 37 are 2 bedrooms.
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
Sales 50 - 4 sold under $300,000. 16 sold between $300,000 and $400,000. 17 sold between $400,000 and $500,000. 7 sold between $500,000 and $600,000 and 5 sold over $600,000 & $800K. and 1 sold over $1M.
28 were one bedrooms, no studios and 22 were 2 bedrooms.
Least expensive -$275,000 for 637 sq-ft l bdrm ($432 pr sq ft). This condo sold new for $210,000 6 years ago. Least expensive 2 bedroom $423,000 for 706 sq.ft. ($512 pr sq ft). This condo sold new in 1997 for $197,000
Supply - 2 months inventory under $300,000. just over 1.2 inventory for condos between $300,000 and $500,000. 2 months between $500,000 and $600,000 and 2 months between $600K & $800K.
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
2008 Average Days on the market – January 27, February 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
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
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
Sale price to list price ratio – Dec 95%, Nov 95%, Oct 96%, Sept 97%
Jan’09 - 95%, Feb 95%, Mar 96%, Apr 98%, May 98%, June 101%, Jul 100%
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