SnapShot – Kitsilano Single Family

Kitsilano Single Family Homes

You can tell when a change of season is upon us. The the fall fair atmosphere of the PNE has always marked the end of summer. With the passing of the celebration of 100 years of the PNE, the seasonal change is upon us as it starts to rain for days on end.

As the leaves begin to change in anticipation of the colder weather it is almost as predictable as the current single family home real estate market in Kitsilano.

It too is predictably cold.

In the 60 day period covering July 14 2010 to September 13, 2010, sellers of detached properties in the Kitsilano neighbourhood may have bundled up in preparation for the seasons change.

Listings

Total Listings declined from July/August’s 62 to August/September’s 57.

Sales

Sales volume dropped by two thirds from the previous month. July/August’s 9 spiralled down to August/September’s 3.

Expired, Reductions, Increases, Days on Market

  • July/August had 5 listing mandates expire. That number increased to 6 in August/September.
  • Price reductions in July/August were 13 upping to 14 in August/September.
  • There were 1 price increase in both periods.
  • It took an average of 36 days to sell a home in July/August. This has dramatically shortened by more than half to 15 in August/September.

Average and Median Prices

  • July/August’s Average Ask price of $1,406,777 moved slightly to August/September’s average of $1,144,666.
  • The Median Ask price in July/August was $1,325,000 decreased to $1,098,000 in August/September.
  • The Average Sold price in the July/August’s was $1393,333. In August/September’s this dropped to $1,197,833.
  • The Median Sold price in July/August’s recorded $1,270,000 dropping in August/September to $1,093,500.

Falling Leaves

As falling leaves Kitsilano’s single family home prices imitate the gentle glide downward. Like the change in seasons both average and median prices were to be expected and in as much are not earth shattering.

Two things are notable – one is the dramatic difference in the days on market and the second is the shear drop in the number of sales.

Ask/Sell

July/August August/September

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:

Melville Says:
September 14th, 2010 at 10:35 am

The average days on market is only meaningful insofar as it tells us that none of the old stock sold. The only 3 (!!!) sales were relatively new listings, priced to reflect new realities.

specialfx3000 Says:
September 14th, 2010 at 11:24 am

Interestingly, 14 price reductions but only 3 sales.

C’mon, sellers, it’s time to get agressive. No more $1000 reductions on that $2M property.

jesse Says:
September 14th, 2010 at 12:38 pm

@Larry, what is a typical delay from contract signing to the sale being recorded in MLS? I was told it was 1-2 weeks depending upon the nature of the contract subjects.

September 14th, 2010 at 2:00 pm

@special
and do you think the sellers response to you would be C’mon @special buck up, you know you want to.

September 14th, 2010 at 2:22 pm

@jesse
clarifying
– acceptance does not mean it is sold. As you suggest there may be conditions that need to be fulfilled. If those conditions are not waived or fulfilled then of course there is no sale.

MLS records the date of a sale as the day the agreement is accepted by all parties.

You are quite right in suggesting that it could be one day to two weeks or more before conditions are removed. Regardless of that time period it is only when conditions are waived or fulfilled that a property would it be considered sold.

asalvari Says:
September 14th, 2010 at 2:24 pm

I wanted to add comment on stats based on 3 sales only.. but I am too tired for it.

I guess, i will just say:

ITS 3 SALES ONLY.

stick a fork. almost done.

September 14th, 2010 at 3:05 pm

@asalvari
“almost done” and with that I presuppose your negative down market time here is done and you will be looking for a new job/blog, undertaker or a realtor. On the bright side of the road, maybe you are finally ready to put your money on the table and buy a house. Waiting for your call.

specialfx3000 Says:
September 14th, 2010 at 3:13 pm

Larry, the sellers have always been say “buck up, you know you want to.”

They had a great run, only now, not many are bucking up.

September 14th, 2010 at 3:24 pm

@special
the season is changing….

asalvari Says:
September 14th, 2010 at 3:58 pm

Larry

I was referring to the Vancouver re. illusion that is on sustainable path, more precisely people living here believing that the situation is normal and will continue to be normal. Its almost done with 3 sales only, stick a fork in the illusion.

From other side, I truly believe that making any stats based on 3 measuring points is borderline to comical… the data is next to unusable, except to understand the sales decline – its scary number 3.

So, that was what I wanted to say, I am going to continue frequenting your site, and will give you a call when ready.

Meanwhile, I leave the market to your hands – its you realtors that have to unstuck the market and get the things flowing again. It would take probably 6 months for the market to clear, but once cleared it would be much easier…

September 14th, 2010 at 5:31 pm

@asalvari
you speak of illusions and I get it but –

when I speak with buyers, their illusion is the dream of a home to call their own and raise their kids. I know it sounds like it came out of the realtor text book however, to them it IS real and not an illusion.

asalvari Says:
September 14th, 2010 at 5:49 pm

Larry,

you are speaking of buyers, but they are rare these days. Only 3 families tried to materialize their dream which is not an illusion according to you.

I guess soon these buyers would be rare as unobtanium, and their dream … uh.. what?

Besides, I had real splash of cold watter last weekend, talking with my friend in seattle: you guys up there are crazy, even cnn is talking about you.

And my friend is from Vancouver.

September 14th, 2010 at 6:18 pm

@asalvari
goodness you really are taking this snapshot number 3 over the top.
As for being crazy – Seattle sellers wish they were in our boots.
As for CNN that gets a – meh!

Chirped out on this topic.

Sum Gai Says:
September 15th, 2010 at 11:40 am

Seattle sellers may wish to be in our boots, but Seattle buyers sure as hell don’t!

September 15th, 2010 at 12:02 pm

@sum gai
re: seattle buyers – could that be because they wouldn’t qualify in accordance with our mortgage rules?

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