Prices hold steady as Kitsilano condo market cools in November 

Activity began slowing down in Kitsilano’s condo market in November with declining inventory, sales, while the MLS price index was generally flat when compared to October. This reduction in activity is typical as the end of the year approaches.

Kit’s condo inventory has been decreasing since September and dropped by another 5% when comparing November to October. Sales since September’s peak have also been decreasing and between October and November resulted in a 35% decrease month to month.

The MLS HPI price index for Kits condos has been generally flat for the past three months.

Some quick facts for November:

Though the MLS price index has been flat in recent months, median prices for 1 bedroom Kitsilano condos increased in November after decreasing in October, while median prices for 2 bedroom condos were flat.

Condos in Kitsilano sold on average 1% below list price

Market Determination: Kitsilano is in a “Seller’s market”.

How do we know? List to Sales Ratio

A buyer’s market has a 0-12% list to sales ratio
A balanced market has a 12-20% list to sales ratio
A seller’s market has a 21% or greater list to sales ratio

In November Kitsilano had a 38% list to sales ratio, resulting from 95 listings and 36 sales. This is down from 54% in October.

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