Kitsilano Attached – Thirty Sixty
Posted December 13th, 2009 in Kitsilano, Neighbourhood Numbers
Kitsilano Attached 30 and 60 Days
Kitsilano Attached real estate during the current past 30 day period Nov 13th to Nov Dec 13,2009 compared to the previous 30 day Oct 13 to Nov 13, 2009 period saw total listings drop from to 191 to 136.
- Active Listing average price per square foot is $664.70
- Active Median List price per square foot price was $648.99.
- Expired listings are down from 11 to 5.
- Sales dropped from 81 to 32.
- Average SOLD ASK prices increased from Oct/Nov’s $605,007 to Nov/Dec’s $666,075.
- Average SOLD price also increased from Oct/Nov’s $600,792 to Nov/Dec’s $665,275.
If Median prices are to be considered a more reliable indicator, then it is interesting that the 30/60 day Median variance is contrary to the Averages.
Nov/Dec’s Median SOLD ASK price decreased from Oct/Nov’s $545,000 to $489,000. Accordingly, Oct/Nov’s Median SOLD price of $535,000 dropped to Nov/Dec’s $503,000.
The data showed 38 price reductions (approximately 32%), within the 99 Active listings.
Numbers
FOR SALE
| FOR SALE |
This Month 30 Days |
Last Month 60 Days |
| Total Listings |
136 |
191 |
| Total Listing Average Price |
$754,940 |
$754,940 |
| Total Listing Median Price |
$539,000 |
$539,000 |
EXPIRED
| Expired Listings |
5 |
11 |
| Average Expired Price |
$1,100,580 |
$1,210,972 |
| Median Expired Price |
$969,000 |
$1,369,900 |
SOLD
| SOLD |
32 |
81 |
| Average Sold ASKING Price |
$666,075 |
$605,007 |
| Average Sold Price |
$665,275 |
$600,792 |
| Median Sold ASK Price |
$489,000 |
$545,000 |
| Median Sold Price |
$503,000 |
$535,000 |
HIGH/LOW
| Highest List Price |
$2,348,000 |
$2,348,000 |
| Lowest List Price |
$274,900 |
$274,900 |
Outlook and Conjecture
Known is that Vancouver Real Estate 2009’s November sales volume exceeded 2005. Looking at these numbers and recognizing it’s an early indicator, a change might be in the making.
Sales are down by more than half. While Median Sold prices increased during the latest period, Median Sold ASK and Median Sold prices have dropped which in combination with substantial price reductions (in the range of 32%) may result in lower sale prices in the weeks ahead.
What has changed? Like the one above, opinions abound – fear of rising interest rates, Festivus, or the cost for your mother-in-law’s birthday present reducing your down payment.
What are you hearing on the street?
*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. *** Picture taken earlier this year. Very soon you will not be able to see this from Broadway. A new condo tower is going to block this perspective.
Larry, you have some of the best analysis out there – raise the volume on your website/postings, you are a great voice of reason – thank you for all of your efforts!
Yes, this market will get crushed.
Larry’s Mom
re name: LOL!!! If you only knew! Too Funny! Thanks for the chuckle.
Kudo’s appreciated but, can you explain what you mean by “raising the volume”.
Why are you so certain that the market will get crushed? From this perspective it’s impossible to be that bold without a major world catastrophe occurring.
Larry, it will get crushed just like Nortel at one hundred plus was destined to. Market fundamentals totally out of whack.
I think its on its way – NOW.
Thanks, love your site.
Mom
Mom,
you do know there is nothing fundamental about BC. It’s Bountiful.
Can anyone tell me where I can find the averate rate per square foot to lease retail property in thee West Vancouver Area? Sorry had incorrect email on previous posting.