Vancouver Real Estate Analysis for Kitsilano in June 2009
July 10th, 2009 Categories: Kitsilano
Kits condo market on fire! Vancouver real estate market analysis for Kitsilano condos saw June sales up and higher than any of the last 18 months. Listings dropped to a low of 81. Average price for solds increased to $421,000 which is higher than June last year. Average Days on the market for sold condos dropped to 26, the lowest since Feb/Mar last year. List price to sale price ratio rockets to 101%, first time its gone over 100% in the last year. Average $ psf for sold condos up to $555, equal to September last year. June saw a bottom end market with only 20% of the sales over $500,000 & one over $600k. The entire Kits market under $600,000 is selling well. Kits condo supply down from 9 months in January to 1.8 months. No market for Kits condos over $655,000. The one bedroom market is very tight with only 38 listings and 27 one bedroom sales in June. A huge 60% sold over list price. Only 7 listings did not sell and came off the market. Where does it go from here? The market is lacking product.
Listings 81- six listed under $300,000. 20 listed between $300,000 and $400,000. 27 listings between $400,000 and $500,000. 16 listings between $500,000 and $600,000 and 12 listed over $600,000. Currently there is 1 studio listed, 36 are one bedrooms and 44 are 2 bedrooms.
2008 Listings -Dec 117 , Nov 171, Oct 187, Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130
2009 Listings – Jan 104, Feb 107, Mar 122, Apr 107, May 87, June 81
Sales 46 - 4 sold under $300,000. 14 sold between $300,000 and $400,000. 19 sold between $400,000 and $500,000. 8 sold between $500,000 and $600,000 and one sold over $600,000. 27 were one bedrooms, 2 studios and 17 were 2 bedrooms.
Least expensive -$252,000 for 529 sq-ft l bdrm ($476 pr sq ft). This condo sold new for $82,000 in 1991. Least expensive 2 bedroom $410,000 for 800 sq.ft. ($512 pr sq ft). This condo sold new in 1986 for $133,000
Supply – zero months inventory under $300,000. just over 1.4 inventory for condos between $300,000 and $500,000. 2 months between $500,000 and $600,000.
2008 Sales - Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35, July 38, August 25, Sept 24, Oct 15 , Nov 12, Dec 12
2009 Sales – Jan 11, Feb 28, Mar 48, Apr 43, May 41, June 46
2008 Average Days on the market – January 27, February 18, March 18. April 28, May 28, June 28, July 43, August 37, Sept 32, Oct 36, Nov 44, Dec 68
2009 Average Days on the market – Jan 68, Feb 38, Mar 35, Apr 32, May 33, June 26
2008 Average Sale Price - Jan $449,600, Feb $486,260 Mar $451,000, Apr $ 476,452, May $492,063, Jun $ 398,350, Jul $439,663 , Aug 416,240, Sept $408,159, Oct $427,850, Nov $408,250, Dec $440,000
2009 Average Sale Price - Jan $440,400, Feb $416,800, Mar $406,841, Apr $414,283, May $396,114, June $421,042
2008 Average Selling Price pr sq ft - Dec $498 , Nov $511 , Oct $518, Sept $555
2009 Average Selling Price pr sq ft – Jan $498, Feb $511, Mar $515, Apr $519, May $523, June $557
Sale price to list price ratio – Dec 95%, Nov 95%, Oct 96%, Sept 97%
Jan’09 - 95%, Feb 95%, Mar 96%, Apr 98%, May 98%, June 101%
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