State of Mind

Kitsilano Detached

It is that time of month which means it is time to check out local neighbourhood markets.

With our current spate of sunshine, Kitsilano is a destination point for swimmers and sun lovers.

During the past weekend the beaches were busy as everyone tried to cool themselves in the lapping waters of Kits beach however, this neighbourhood snapshot of the local Kitsilano Detached market is feeling a different kind of heat.

In the period covering June 17, 2010 to August 16, 2010, detached properties in the Kitsilano neighbourhood must have applied a lot of sun block.

Listings

Total Listings declined from June/July’s 60 to July/Aug’s 54.

Sales

Sales volume decreased by over 50% from June/July’s 9 to July/Aug’s 4.

Expired, Reductions, Increases, Days on Market

  • June/July had 4 listing mandates expire. Expired listings decreased to 4 in July/Aug.
  • Price reductions in June/July were 16 dropping to 13 in July/Aug.
  • There were 1 price increase in both periods.
  • It took an average of 24 days to sell a home in June/July. This has stretched to 28 in July/Aug.

Average and Median Prices

Courtesy of Tourism BC/Dannielle Hayes

  • June/July’s Average Ask price of $2,453,444 took a solid hit as it dropped in July/Aug to an average of $1,351,500.
  • The Median Ask price in June/July was $1,548,000 decreasing to $1,209,000 in July/Aug.
  • The Average Sold price in the June/July was $2,355,111. In July/Aug this dropped to $1,356,750.
  • The Median Sold price in June/July recorded $1,500,000 dropping in July/Aug to $1,243,500.

Dazed and Confused

The drop in both average and median prices while down are almost to be expected and thus are not earth shattering.

The time of year, the general malaise of the overall market, world affairs, taxes and what many now see as an unaffordable market has caused havoc for many home sellers, buyers and Realtors® alike. Suspect is that many are in a dazed and confused state of mind.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*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.

Reader Comments:

specialfx3000 Says:
August 17th, 2010 at 8:48 am

I wonder how many realtors service this neighbourhood as 4 sales is not a lot to go around.

August 17th, 2010 at 8:58 am

@special
sales are down everywhere – as such, your point would then be ….?

specialfx3000 Says:
August 17th, 2010 at 9:10 am

Sales down is all relative. A neighbourhood down from a higher number to say 30 sales still have 30 commission checks to go around.

4 is quite close to 0.

vanpro Says:
August 17th, 2010 at 1:13 pm

Larry, I think I have asked this question before: Is “Total Listings” = Active Inventory? Is it possible to post Active Listings (which allows calculation of MOI)? Thanks for your great data!

August 17th, 2010 at 3:21 pm

@vanpro
“asked the question before”
LOL! let’s just call that a senior’s moment. 🙂

For purpose of clarity – Total Listings is the gross figure. Active Listings is the net after sold, expired and cancelled are removed – in other words what is still on the market.

On a neighbourhood snapshot, I am more than a little concerned that generating an MOI off of that figure (active listings) will lead you to misleading conclusions.
You need to be clear that these numbers can change quite frequently in the same day – ergo the disclaimers on the graphs. A further note is that the sample size is problematic.
I don’t have an issue with posting them however, as I said, I am concerned that readers will draw incorrect conclusions and with all the RE noise currently out there I am reticent to add more.
I’m wondering if it would be better for you to look at the LAPS posts to gather the number you seek. Those figures are locked down for that month and present a more reliable figure to work with.

junius Says:
August 17th, 2010 at 8:38 pm

Meltdown!

Larry this is incredible.

Thanks for the data. This show is getting interesting.

Junius

Jim Says:
August 18th, 2010 at 7:50 am

Is this the normal summer slowdown, exaserbated by HST and post Olympic hangover.? Larry will September be a big rebound or a big dud?

August 18th, 2010 at 8:33 am

@jim
pundits are suggesting a slow burn down, then a flat spell, followed by a reasoned upturn. could be a year or more.

Jim Says:
August 18th, 2010 at 9:50 am

Thanks Larry, that sounds plausible because of the extraordianry run up we have had.
I would gues if rates were to rise then the Vancouver housing market would decline a fair bit.

August 18th, 2010 at 10:07 am

@Jim
rising rates will ‘slow’ the market a bit more but you have to keep in mind these are amongst the lowest rates in years. I think most homeowners well remember that 7% to 10% was pretty ‘normal’ for a long time.

Comment On This Post

will not be published
http://www.yourwebsite.com