Vancouver’s Kits Neighbourhood – 30 Days

kitsdet30day19-06-2009-10-40-57-am

©YatterMatters

Kitsilano 30 Days

Kitsilano Detached real estate – 30 day period of May 20/09 to June 19/09.

Snapshot compared to previous 30 day period.

  • Total listings are down 4.
  • Average sale price down $141,500 – from $1,541,000 to $1,399,500.
  • Median sale down $36,000 from $1,370,000 to $1,334,000.

The spread between the average Average Sold and Average Ask in the current past 30 days sits at at just over 4%. The challenge of finding the market floor as the most recent period saw 37% of the active listings reduce their price.

Numbers

FOR SALE

FOR SALE

This Period 05/20/09 – 06/19/09

Last Period 04/20/09 – 05/19/09

Active Listings

47

48

Average Active Listing Price

$2,111,174

$2,135,072

Median Active Listing Price

$1,399,000

$1,398,500

EXPIRED

Expired Listings

2

2

Average Expired Price

$1,718,950

$3,345,000

Median Expired Price

$1,718,950

$3,345,000

SOLD

SOLD

14

17

Average Sold ASKING Price

$1,428,120

$1,612,288

Average Sold Price

$1,399,500

$1,541,000

Median Sold ASK Price

$1,428,120

$1,399,000

Median Sold Price

$1,334,000

$1,370,000

Outlook

True to the numbers at the end of May, a greater number of sales were recorded that month. Confidence associated with the continued low interest rate hasn’t had a greater or lesser effect on the number of homes sold in Kitsilano during the past period. What may be happening is that Vancouver’s Kitsilano house price ceiling – affordability, is peaking at the 1.3 to 1.5 million range. Average Sold prices dropped again this period with 4% of the active listings reducing their prices. Additionally, a number of new homes sold in the past 14 days and these may be supporting average numbers.

The classic ‘Kits’ house is still in demand with a few more selling this period. Regardless, there are still many available and those showing the very best values are selling. A deciding factor may be that at these prices there is often little left to complete renovations. Looking a few weeks ahead, it is expected that the summer doldrums and people leaving town for the holidays will slow this market segment a little more. A survey of Kits beach may find any number of buyers catching a few summer rays of sunshine.

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.

**Numbers provided may vary as they are dynamically posted by the REBGV.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Crabby Pubis Says:
June 22nd, 2009 at 10:35 am

This market is driving me nuts. Will I find a better price during the winter months? Also, do you know if there is a prototypical demographic profile of the SFH buyer in Kits?

June 22nd, 2009 at 11:30 am

Prototypical: According to Dana Lynch in About.com ” If there’s one thing Kits people have in common, it’s a love of the outdoors, whether it’s continuing the area’s tradition of eco-awareness or just enjoying biking, hiking and walking the scenic streets, beaches and parks.” She goes on to tell us that Kitsilano’s demographics consist of –
Kitsilano Demographics: are Population: 24,862, Median Age: 38, Average Household Income: $67,795, Average Household Size: 1.6. The source for these numbers remains at question.

“Driving you nuts” – this Ms. Crabby, is a prerequisite for living in Kits. 🙂

As to the market: this may sound very Realtor-ish, but waiting to find a low spot in the Kitsilano market is going to be difficult. As a neighbourhood that many including yourself find desirable, the demand is always higher than other areas. Simply, if buying a place in Kitsilano is in your budget waiting will not reap you great rewards.

reality bites Says:
June 22nd, 2009 at 10:40 pm

Fair point that kits detached prices aren’t falling, but seriously: what is this demographic that can afford 1.3 – 1.5 for a house that needs renos? Any sense of how much of the purchase prices are typically mortgaged?

June 22nd, 2009 at 11:13 pm

Reality
I don’t have specific data that will verify the demographic you ask for. The experience of clients I work with and of course, watching new neighbours move in is all I have to share in this regard.
– young professionals 35 – 45+ with no kids
– young pro’s with young children demanding specific schools
– some off shore with or without children
– some move ups which may include the first two
– some who benefit from living estates
– a few over 50 who want the walkability (check Walkability Score) that Kits offers.
– being able to walk to local services and amenities rates high with these groups

The specifics of the mortgages vary greatly. Some have no mortgage while others in the range of 200 to 500K and more.

Crabby Pubis Says:
June 23rd, 2009 at 9:49 am

Larry,

Thanks for the information!

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