With 2010 reaching its halfway point, let’s take a look back at the Kitsilano real estate statistics thus far.
Describing the real estate market in Kitsilano for the first 6 months of the year as dynamic would be an understatement. After seeing inventory near record lows to start the year, the number of new listings hitting the market grew sharply through April before falling off again May and June. This curve has been particularly sharp in the condo market, where the number of listings doubled from February to May, only to fall right back down in June.
Looking at prices, the condo market saw its peak it February, before sliding downwards from March to May. June did show a bit of a rebound buoyed by a rush to buy new condos and town homes before HST kicked in. Look for prices to trend downwards through the summer.
In the detached homes market, we have seen relative stability through the first 5 months of the year after moderate declines to end 2009. A dramatic spike in prices in June can also be attributed to a large amount of new homes sold just prior to HST implementation. Watch for the average sale price to fall back in line with the numbers from the rest of the year.
Last modified: July 11, 2010
