Kitsilano – Neighbourhood Numbers

Kitsilano 30 and 60 Days

Kitsilano Detached real estate during the current past 30 day period of (June 06 2009 to July 24,2009) compared to the previous 30 day (May 24, 2009 – June 24, 2009) period saw total listings drop from 63 to 50. Significant is the drop in sales from 27 to 9. Sold Average prices also witnessed an adjustment downward from the May – June price of $1,394,537 to the June/July average sold price of $1,324,944. The Median Sold price reflected an equal drop from $1,318,000 to $1,100,000. The spread between the average Average Sold and Average Ask in the previous period was approximately 2%. The current period has a 0% spread, suggesting that Buyers will pay what Sellers are asking.

Numbers

FOR SALE

FOR SALE	This Month 30 Days	Last Month 60 Days
Active Listings	35	35
Average Active Listing Price	$2,345,897	$2,345,897
Median Listing Price	$1,590,000	$1,590,000

EXPIRED

Expired Listings	6	1
Average Expired Price	$1,445,166	$1,838,000
Median Expired Price	$1,373,000	$1,838,000

SOLD

SOLD	9	27
Average Sold ASKING Price	$1,323,666	$1,419,655
Average Sold Price	$1,324,944	$1,394,537
Median Sold ASK Price	$1,138,000	$1,280,000
Median Sold Price	$1,100,000	$1,318,000

HIGH/LOW

Highest List Price	$15,000,000	$15,000,000
Lowest List Price	$849,000	$849,000

Outlook

Associated confidence with lower interest rates has driven the Kitsilano detached market. As witnessed in a number of public domain reports, overall detached sales exceeded many expectations during this period – Kitsilano was not an exception.

Catch-22

The drop in the total number of listings will, should it continue, become a concern in the next while. An interesting side effect of the drop in the over all inventory is that while sellers would like to sell and upgrade, they soon find that little in the way of suitable upgrade homes are available. Not wishing to be left out in the cold, quickly they remove their home from the market – ergo a Catch 22 that effects all levels of buying and selling Vancouver Real Estate. Could the market be heading for a stalemate? What might the next intervention be to relieve this potential conundrum? Rest assured, price definitely will be a factor.

Watch for this market variable developing in your ‘Kits’ neighbourhood.

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*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.