If sales a market make then Kitsilano detached homes appear to have taken a nose dive in this neighbourhood snapshot.

The two periods considered in this Kitsilano neighbourhood snapshot extend for a period of 60 days beginning with June 22, 2011 and ending August 21, 2011

Listings

Total Listings decreased from June/July’s 59 to July/August’s 47 in this, the traditional slow summer season, of Vancouver’s real estate market.

Sales

It was a shallow pool for sales. During this period sales dropped from 15 to 3.

Expired, Reductions, Increases, Days on Market

• Both the June/July and July/August periods had 2 listing mandates expire.
• Although sales appear to have scraped their nose on the pool’s bottom, the number of days it took to sell a Kitsilano home speeded up as it only took 8 days to sell a home in July/August compared to 13 in June/July.

Average and Median Prices

• June/July’s Average Ask price was $1,802,200. The average increased to $1,827,000 in July/August.
• The Median Ask price in June/July was $1,588,000. The median increased to $2,158,000 in July/August. This extreme aberration from the month prior resides in the recording of 2 out of the 3 sales exceeded 2 million dollars.
• The Average Sold price in the June/July $1,801,500. July/August saw a small increase to $1,808,666.
• The Median Sold price in June/July registered $1,625,000. As noted above, July/August’s Kitsilano detached home Median Sold price increased to $2,038,000.

Shock Trauma

Diving into shallow pools can be dangerous and possibly lead to life-altering changes. With certainty, this Kitsilano snapshot provides a secular view of the general Vancouver real estate market and is admittedly, a shallow perspective.

Yet, what remains unknown, is whether those who took the plunge into Kitsilano real estate were aware of the golden rule? The rule being that when one is in doubt of what lies beneath the surface one should jump feet first especially, in the murky real estate pond that is the Vancouver real estate market?

One also wonders if upon surfacing from their dive into the Kits real estate pool – their first opportunity to see the July/August sales numbers, whether they retrospectively would have chosen to follow the golden rule instead of seeking help for shock trauma.

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.

Ear worms are those strange silent repetitive musings that rattle around our brain and with which in unison we sometimes hum along as we consider our daily struggles.

Previewing the drop in Vancouver’s Kitsilano attached sales while contending with our current cold weather, the song that Dean Martin made famous started to rattle around. It might do that for you too!

In the period extending from September 23, 2010 to November 22, 2010 Kitsilano attached properties appears to be headed for a frosty time ahead.

Listings

Total Listings chilled slightly as they decreased from Sept/Oct’s 226 to Oct/Nov’s 204.

Sales

As Dean would opine, in the latter period Kitsilano attached properties caught a serious cold dropping by almost half from Sept/Oct’s 46 to Oct/Nov’s 24.

Expired, Reductions, Increases, Days on Market

• Sept/Oct and Oct/Nov’s listing mandates found a blanket to keep warm at a steady 18 expireds.
• Price reductions shivered a bit as they dropped from Sept/Oct’s 82 to 75 in Oct/Nov.
• There was 1 price increase in both periods.
• A slight fever seemed to warm the time it takes to sell a Kitsilano attached unit as the Days on Market dropped from Sept/Oct’s 31 to Oct/Nov’s 29.

Hot – Cold

• Sept/Oct’s Average Ask price of $632,850 experienced a little warmth with Oct/Nov’s average of $648,550.
• The Median Ask price in Sept/Oct was $494,450 and like the average it warmed a little to Oct/Nov’s $524,000.
• The Average Sold price in the Sept/Oct was $622,216 and found similar warmth in Oct/Nov climbing to $633,906.
• The Median Sold price in Sept/Oct recorded $494,250 and saw it’s temperature rise slightly in Oct/Nov to $507,500.

Not Frozen But Not Warm Either

Much like the waters of English Bay, Vancouver’s Kitsilano attached market is neither frozen nor is it warm. The staggering drop in sales like that cold water suggests that worse is to come in upcoming traditional slow period. Yet, in contrast, prices are almost bouyant, making the market appear to be afloat – at least for some.

Ear Worm

While we wait to see if this market finds the summer heat we can warm up and hum along with Dean.

Here’s a snapshot of detached homes in Vancouver’s Kitsilano neighbourhood.

The period covered is from September 17, 2010 to November 16, 2010.

Listings

Total Listings decreased from Sept/Oct’s 60 to Oct/Nov’s 55.

Sales

Sales dropped over from Sept/Oct’s 12 to Oct/Nov’s 8.

Photo Credit

Expired, Reductions, Increases, Days on Market

• Sept/Oct saw 4 listing mandates expire. In Oct/Nov this number dropped to 3.
• Price reductions in Sept/Oct recorded 10 price reductions which increased to 11 in Oct/Nov.
• There were 2 price increases in Sept/Oct but only 1 in Oct/Nov.
• It took an average of 27 days to sell a Kitsilano home Sept/Oct. The days on market reduced to 20 in Oct/Nov.

Average and Median Prices

• Sept/Oct’s Average Ask price of $1,425,500 increased to $1,567,375 in Oct/Nov.
• The Median Ask price in Sept/Oct was $1,348,500. The median increased to $1,393,000 in Oct/Nov.
• The Average Sold price in the Sept/Oct’s was $1,386,833. In Oct/Nov it jumped up to $1,496,687.
• The Median Sold price in Sept/Oct registered $1,342,000. In the Oct/Nov the Kitsilano detached Median Sold price increased to $1,373,500.

Christmas Presents

A recent drive in the Kitsilano area between Broadway to 16th, MacDonald to Dunbar found a bunch of sold signs that have appeared recently.

Checking in with the system most have sold close to their asking price, with many having sold quickly – below the Days on Market recorded above. It may be that a sign that some Kitsilano detached home owners have received their Christmas presents earlier than expected.

Walk north from 4th avenue towards Kits Beach and you find yourself travelling down a steep hill. Though strengthened by some higher priced sales that same walk parallels October’s snapshot of Kitsilano’s attached market.

From August 17, 2010 to October 17, 2010 Kitsilano’s attached market recorded the following activity.

Listings

Total Listings decreased from Aug/Sept 259 to Sept/Oct’s 235.

Sales

©YatterMatters

Sales dropped over 50% from Aug/Sept 43 to Sept/Oct’s 21.

Expired, Reductions, Increases, Days on Market

• Aug/Sept had 20 listing mandates expire but slowed to 18 in Sept/Oct.
• Price reductions in Aug/Sept were 77 slowing to 64 in the Sept/Oct period.
• There was a single price increase in both periods.
• It took an average of 43 days to sell the 43 units in Aug/Sept. This decreased to 32 days to sell 21 units Sept/Oct.

Average and Median Prices

• Aug/Sept Average Ask price of $634,888 increased to $717,209 in Sept/Oct.
• The Median Ask price in Aug/Sept was $539,000. The median increased to $629,000 in Sept/Oct.
• The Average Sold price in the Aug/Sept was $617,758. In Sept/Oct jumped up to $703,900.
• The Median Sold price in Aug/Sept registered $515,000. In the Sept/Oct the Kitsilano Attached Median Sold prices increased to $606,800.

Vancouver’s Kitsilano Detached homes are trying hard to find equilibrium.

In the period starting August 14,2010 to October 14,2010 Kitsilano homes to struggled to find balance.

Listings

Total Listings decreased from August/September’s 64 to September/October’s 62.

Sales

Kitsilano homes sold recorded 11 units in August/September and 10 in September/October.

Expired, Reductions, Increases, Days on Market

• August/September had 6 listing mandates expire decreasing to 5 in September/October.
• Price reductions in August/September totalled 14 but that number was reduced to 11 in September/October.
• A single price increase was recorded in August/September. There have been three price increases in the September/October period.
• It took an average of 37 days to sell the 11 Kitsilano homes in August/September but only 31 days to sell 10 Kitsilano homes in September/October.

Average and Median Prices

• August/September’s Average Ask Price for a Kitsilano home was $1,340,909. That waivered a little dropping to $1,339,200 in September/October.
• The Median Ask price in August/September was $1,139,000. The median increased to $1,274,000 in September/October.
• The Average Sold price in the August/September was $1,346,936. In September/October that average number reduced to $1,333,980.
• The Median Sold price in August/September registered $1,200,000. In the September/October that increased to $1,311,400.

Vancouver’s Kitsilano attached market like Disney Land, may be the happiest place on earth.

From July 17, 2010 to September 16, 2010, Kitsilano’s attached market recorded the following activity.

Listings

Total Listings decreased from July/August’s 258 to August/September’s 239.

Courtesy of DisneyWorld

Sales

Sales have slowed from July/August’s 52 to August/September’s 29.

Expired, Reductions, Increases, Days on Market

• July/August had 16 listing mandates which increased to 20 in August/September.
• Price reductions in July/August were 81 slowing to 75 in the August/September period.
• There was 1 price increase in both periods.
• It took an average of 35 days to sell the 52 units in July/August. It took longer 44 days to sell fewer units – 29 in August/September.

Average and Median Prices

• July/August’s Average Ask price of $583,784 increased to $592,958 in August/September.
• The Median Ask price in July/August was $439,000. The median increased to $468,000 in August/September.
• The Average Sold price in the July/August was $583,784. In August/September that number reduced to $577,148.
• The Median Sold price in July/August registered $430,000. In the August/September that increased to $465,000.

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

It could have been the recent spate of hot weather that rattled the averages or maybe the scientists unlike some economists, are right. Global warming is having an effect and is slowly melting sales and prices in this Kits Attached neighbourhood snapshot.

In the period covering June 19, 2010 to August 18, 2010, Attached properties in the Kitsilano neighbourhood would have benefited from a cool breeze.

Listings

Total Listings caught a little breeze with a decrease from June/July’s 274 to July/Aug’s 251.

Sales

Opposite were sales which decreased from June/July’s 58 to July/Aug’s 39.

Expired, Reductions, Increases, Days on Market

• June/July had 20 listing mandates expire whereas July/Aug had 16.
• Price reductions heated up from June/July’s 95, to 107 in July/Aug.
• There were 3 price increase in June/July and 4 in July/Aug.
• It is taking longer to sell an Attached property in Kits. It took an average of 31 days to sell a home in June/July and 34 in July/Aug.

Hot Average and Median Prices

Kits Indian Reserve Beach 1932 – CVA

• June/July’s Average Ask price of $544,362 felt the heat in July/Aug as it climbed to an Average of $621,466.
• The Median Ask price in June/July was $544,362 but caught a chill in July/Aug settling at $475,000.
• The Average Sold price in the June/July was $534,636. It caught on fire in July/Aug as it climbed to $605,128.
• The Median Sold price in June/July recorded $509,000 but shared the chill as it settled in July/Aug at $463,000.

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.