Watching A Pot

Unattached

A Snapshot of the local Kitsilano Attached home market show an approximate 30% drop in sales with price reductions matching that number.

In the period covering April 25 to June 04, attached properties in the Kitsilano neighbourhood experienced the following market activity.

Listings

Total Listings declined from April/May’s 373 to May/June’s 349.

Sales

Sales volume decreased by almost 30% from April/May’s 92 to May/June’s 63.

Expired, Reductions, Increases, Days on Market

• April/May had 6 listing mandates expire which increased to 11 in May/June.
• Price reductions in April/May were 94 jumping to 109 in May/June.
• There were 3 price increase in April/May and 4 in May/June.
• It took an average of 20 days to sell a home in April/May increasing by 1 day to 21 in May/June.

Average and Median Prices

• April/May’s Average Ask price decreased from $598,071 to May/June’s $560,801.
• The Median Ask price in April/May was $499,450 increasing to $499,800 in May/June.
• The Average Sold price in the April/May was $594,249. In May/June this dropped to $556,073.
• The Median Sold prices reacted similarly with April/May’s price of $503,500 dropping to May/June’s $491,000.

Watching a Pot Boil

While prices are off a bit it is the volume of sales and the increasing number of price reductions that are telling the story. Combined these two market elements will in time, bring this market into alignment where buyers will feel more confident to purchase their home in Kitsilano. Until then, its simply a matter of watching the pot boil – considering that approximately 1 in 3 sellers are actively reducing their prices, it shouldn’t take long.