Washing Ashore

Up on the Beach

Kits beach saw a few boats last month blown high and dry by strong winds. During the past 30 day period, Vancouver’s Kitsilano neighbourhood appears to have suffered a similar fate. Kits’ average and median prices like those boats are being blown ashore.

In the period covering March 019 to May 19, Kitsilano recorded the following market activity.

Listings

Total Listings had a minimal decline from March/April’s 64 to April/May’s 63.

Sales

Sales decreased from March/April’s 15 to 13 in April/May.

Expired, Reductions, Increases, Days on Market

• The March/April period had 1 listing mandate expire. There were 2 in April/May.
• Price reductions in March/April were 12 increasing to 14 in April/May.
• There was 1 price increase in both periods.
• It took 15 days to sell a home in March/April which almost doubled in April/May as it settled at 28.

Average and Median Prices

• March/April’s Average Ask price decreased from $1,539,793 to April/May’s $1,509,306.
• The Median Ask price in March/April of $1,499,900 dropped to $1,298,000 in April/May.

• The Average Sold price in the April/May was $1,530,384 . This was a drop from March/April’s average sale price of $1,573,133.

• The Median Sold prices for March/April was $1,525,000 dropping to April/May’s $1,501,000.

Local Thoughts

The lower prices of April/May serve as confirmation of Jurrock’s statement that “the overall average price (condos, houses, townhouses) is down from March by 3%.”

March 2010 may have been the best of the last. Seeing the current price drops up the Fraser Valley reminds us of the pattern so often seen in the past and which may now be upon us. It is that ‘price wave’ that bounces between Point Grey and Hope which may as before, crash on the beach of Kitsilano.