Kitsilano-30-Days-Neighbourhood-Numbers

Kitsilano 30 and 60 Days

Kitsilano Detached real estate during the current past 30 day period July 19 to Aug 18,2009 compared to the previous 30 day June 19 to July 18, 2009 period saw total listings drop from to 57 to 45. Significant was the drop in sales from the highs reported. June/July’s 17 sales dropped to almost half of that number in July/Aug resulting in only 9 homes sold during this period.

Average sale prices saw a whopping increase from $1,337,794 to $2,908,933 indicating that a number of higher priced homes sold and have skewed the average. Watch for this settle down in the next installment of Kitsilano Neighbourhood Numbers.

The median sold price though up in this period, provides a more of a reasoned view of the Kitsilano detached market. June/July rang in at $1,197,537 and July/Aug caught some wind reaching $1,335,000.

Price reductions continue with 9 properties seeking equilibrium with what buyers are prepared to pay. Under the million mark ten homes were for sale in Kitsilano. In July/Aug that number dropped to 5.

Numbers

FOR SALE

FOR SALE	This Month 30 Days	Last Month 60 Days
Total Listings	45	57
Average Active Listing Price	$2,956,000	$1,361,235
Median Listing Price	$1,374,000	$1,290,000

EXPIRED

Expired Listings	2	6
Average Expired Price	$5,299,500	$1,445,166
Median Expired Price	$5,299,500	$1,373,000

SOLD

SOLD	9	27
Average Sold ASKING Price	$2,956,000	$1,361,235
Average Sold Price	$2,908,933	$1,337,794
Median Sold ASK Price	$1,374,000	$1,290,000
Median Sold Price	$1,335,000	$1,197,000

HIGH/LOW

Highest List Price	$8,900,000	$15,000,000
Lowest List Price	$849,000	$849,000

Outlook

Many economist and Realtor types have declared that confidence with lower interest rates has been the driver for the Kitsilano detached market. As witnessed in these numbers and ratified in a number of public reports the June/July sales exceeded all expectations. So too it would seem, did Kitsilano.

Worry Dolls

Keeping a bunch of these little icons nearby might help. The market place in terms of available inventory, is shrinking as evidenced by change in the number of listings available. Homes at the bottom of the price scale are being snapped up. A growing concern is that of a price bubble which according to at least one economist, BMO’s Chief Douglas Porter is something “we can’t rule out”.

While home sales records are great things, serving as a testament to the supposed confidence Canadians are exhibiting about our economy. A counter conservative viewpoint, might offer up a premise assumed by a number of economists and others, who have voiced that market activity will level out. Notable amongst the champions of this position is Dale Ripplinger, CREA’S president who stated that : “Homebuyers recognize that interest rates and prices have bottomed out, and are taking advantage of excellent affordability before prices and interest rates move higher.”

Off the Shelf

If, according to Ripplinger, this is the true of today’s market, continue to expect that the lowest priced homes or those homes presenting the best value relative to others to fly off the shelf. There are still multiple offers taking place indicating the competition for these homes is fierce. Under the same assumption, the future prices in Kitsilano’s market will probably escalate.

Being an ever cautious sailor, the inclination is to put forward this caveat – like the winds that blow off English Bay such predictions change quickly.

*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.