Beached
Posted July 13th, 2010 in Kitsilano, Neighbourhood SnapShot | 
Unattached
If you were on the beach grabbing a few rays of sunshine, having a beer at a Hell’s Kitchen, catching a movie at the 5 Ave movie house or grabbing a snack at Browns on 4th Ave., you were in Kitsilano.
If you were selling an attached property and were watching sales drop by half and price reductions reaching levels that equal to one third of the inventory, you were also in Kitsilano.
In the period covering May 12, 2010 to July 12, 2010, attached properties in the Kitsilano neighbourhood experienced the following market activity.
Listings
Total Listings declined from May/June’s 330 to June/July’s 290.
Sales
Slightly more than One half of the sales volume disappeared between May/June’s 89 to June/July’s 39.
Expired, Reductions, Increases, Days on Market
- May/June had 12 listing mandates expire. This almost doubled in June/July to 22.
- Price reductions in May/June were 104 but dropped a pinch to 102 in June/July.
- There were 2 price increase in both periods.
- It took an average of 25 days to sell a home in both periods.
Average and Median Prices
Tribune Bay, Hornby Island
- May/June’s Average Ask price decreased from $676,640 to June/July’s $543,317.
- The Median Ask price in May/June was $499,000 but decreased to $485,000 in June/July.
- The Average Sold price in the May/June was $655,155. In June/July this dropped to $534,048.
- The Median Sold prices reacted similarly with May/June’s price of $491,000 dropping to June/July’s $475,000.
Blowing Wind
The voracity of yesterday’s wind ripped rodes securing boats to their anchors releasing them to be thrown upon rocks at ‘Kits’ beach. The forces of declining prices, low sales and high levels of price reductions tear in similar fashion at the fabric of Kitstilano’s attached properties. It seems this market may also be left stranded on the beach.
I’m still trying to figure out where all the sales are coming from. They sure aren’t from the areas that Larry is covering (in such wonderful detail).
@jesse
Since the computers at the board don’t do this stuff it would be fun to do all the REBGV neighbourhoods for each product type in one day for the same period to find out.
Being silly for the moment – to cover the entire board I figure I’d have a shot at it with 200 plus people for a 10 hour day to help. Looking at it from an cost perspective: – 200ppl x 10hrs x $10/hr = $20,000.00. To do it daily would cost + – $600,000/month.
To include all individual residential property types in the 60/30 day periods the West and East side alone would generate 102 graphs – each of which changes daily.
Makes for one hell of a post.
I take sporadic requests. Got a neighbourhood in mind? Let me know by email and I’ll crank it up.
@Larry, no reason to make you go out of your way. Sales are down 15% in aggregate but the neighbourhoods you cover are showing a larger drop than this.
If you know where the sales are happening that’s great, otherwise I’ll wait for the month-end Board data roundup.
@jesse
No worries about going out of my way – even with the tech, single handedly it is a monumental task. However, some of my Realtor® peeps might be lurking and would be kind enough to shout out if they can point to one or more neighbourhoods showing higher sales volumes.