Chapped Lips In Kitsilano
Posted October 4th, 2009 in Kitsilano, Neighbourhood SnapShot | 
Kitsilano 30 and 60 Days
Kitsilano Detached real estate during the current past 30 day period Sept 04 to Oct 04,2009 compared to the previous 30 day Aug 04 to Sept 04, 2009 period saw total listings drop from to 61 to 56. Significant was the drop in expired mandates – zero. A loose interpretation is that everything at any price is selling. Is this a nightmare for the Kits Bears – maybe. Countering is Sept/Oct where 14 sales were recorded dipping from Aug/Sept’s 17.
Average SOLD prices ripped their way to higher levels. From Aug/Sept’s $1,311,281 UP to Sept/Oct’s $1,782,285. Why? Simple! One house asking $8,900,000 sold for a flat $8,000,000 – close to a $100,000 drop. This was enough to skew the average price.
To bring some reason to the Average, Median SOLD prices in Aug/Sept showed $1,138,000 and Sept/Oct’s came in at $1,277,500.
Will this settle down? Smarter people are trying to figure it out. We all can rest assured they will let us know. On the street some buyers are still ready to pay what ever it takes to get the job done. Those sitting on the sidelines are poised ready with buckets and mops to clean up when this Vancouver real estate market changes. Added to this are ears hearing whispers, where the word no is more prevalent.
Price reductions for the latter period were balanced by price increases at 3. Remarkable is that the average Days on Market settled at 9.
Numbers
FOR SALE
| FOR SALE |
This Month 30 Days |
Last Month 60 Days |
| Total Listings |
56 |
61 |
| Total Listing Average Price |
$1,735,532 |
$1,616,013 |
| Total Listing Median Price |
$1,427,450 |
$1,455,000 |
EXPIRED
| Expired Listings |
0 |
2 |
| Average Expired Price |
$N/A |
$2,068,500 |
| Median Expired Price |
$N/A |
$2,068,500 |
SOLD
| SOLD |
14 |
17 |
| Average Sold ASKING Price |
$1,819,285 |
$1,322,117 |
| Average Sold Price |
$1,782,285 |
$1,311,281 |
| Median Sold ASK Price |
$1,268,500 |
$1,088,000 |
| Median Sold Price |
$1,277,500 |
$1,138,000 |
HIGH/LOW
| Highest List Price |
$8,900,000 |
$4,900,000 |
| Lowest List Price |
$875,000 |
$849,000
|
Outlook
The winds of fortune and high prices continue to blow from Vancouver’s English Bay. A number of people think the summer winds of Vancouver’s market will continue to warm the sands of Jericho. Others expect the winter winds soon upon us, to be like the walls of Jericho, anticipating that the market will begin to tumble. Certainty is that chapped lips in both camps blow strong filling canvas as Vancouver’s market sails on.
*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.
