Sold Lights Dim in Kitsilano

Kitsilano Detached

If ever you needed to see how one sale can skew average prices and affect a median price this months snap shot of Vancouver’s Kitsilano detached homes is a prime example.

The two periods covering a total of 60 days extends from Oct 20, 2010 to December 20, 2010.

Listings

As anticipated total Listings decreased from Oct/Nov’s 41 to Nov/Dec’s 32 – the traditional slow period for the Vancouver real estate market.

Sales

Indicative of the lead up to the holiday season, sales dropped by almost 2/3 from Oct/Nov’s 17 to Nov/Dec’s 6.

Expired, Reductions, Increases, Days on Market

  • Oct/Nov saw 2 listing mandates expire. This doubled to 4 in Nov/Dec.
  • Price reductions in Oct/Nov numbered 6 and increased to 11 in the Nov/Dec period.
  • There were no price increases in either period.
  • It took an average of 32 days to sell a Kitsilano home Oct/Nov but more than doubled in the Nov/Dec period to 72.

Average and Median Prices

  • Oct/Nov’s Average Ask price of $1,557,470 only to sky rocket to $3,221,833 in Nov/Dec due to one sale of $11,000,000.
  • The Median Ask price in Oct/Nov was $1,398,000. The median increased to $1,543,000 Nov/Dec.
  • The Average Sold price in the Oct/Nov was $1,490,382. In Nov/Dec it jumped up to $3,127,166.
  • The Median Sold price in Oct/Nov registered $1,389,000. In the Nov/Dec the Kitsilano detached Median Sold price increased to $1,539,000.

Christmas Tree Lights

With the exception of the single $11,000,000 sale a greater number of Kitsilano homes sold in the $1.2 to $1.9 dollar range suggesting that a predominant number of homes are holding their price. The biggest challenge ahead for sellers is the current holiday season. Based on Nov/Dec’s Days on Market numbers it will take 72 days to sell a home leaving one to presume that few Kitsilano home sellers will be stringing ‘my home is sold’ lights on their Christmas Tree. Last, of the 22 active listings, the greater proportion of price reductions took place in properties listed above $2,000,000.

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:

Samsonite Says:
December 21st, 2010 at 6:53 am

Hi Larry,

Thanks for the market update.

Any ‘coulor’ on the coffee talk at the moment?

Happy Holidays!

Comment On This Post

will not be published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