The Kitsilano neighbourhood as well as the Greater Vancouver area are all peaking in terms of inventory this month. Compared to the same time a year ago, the July listings of inventory are higher.
Despite higher listings, sales are averaging the same. This is good news for buyers as it will mean they will have more Kitsilano properties and Kitsilano real estate to choose from.
Now is certainly a good time to buy in the area. With the sales to active ratio down in comparison to the same time last year compared, it is a better buyers market.
What this means is that the detached market in Kitsilano is slightly slow. The average price of a detached home is also down slightly as is the price per square inch ratio.
In the shorter term, mortgage regulations recently enacted which restrict insured mortgages on properties sold for under a million may effect the hoped for market rebound. This will be the case at least for a little while, which again spells good news for those seeking to purchase a home.
The Vancouver market is known to slow down every summer though so many are not surprised by the numbers. Many people seeks simply to enjoy their backyards and patios and head out to the beach to enjoy the good weather.
The average sale price for a detached home in Kitsilano during June was $1,632,900 as compared to $1,939,623 last year. This is a decline of 15.8%. Attached homes where however seen to rise in price going from $959,352 in the area in June of 2011, to $1,035,267 this year.
Apartments in the Kitsilano area were sold for an average price of $473,079 up 1.4% from last year’s $466,759.