Downtown Vancouver Market Analysis May 2008

June 12th, 2008 Categories: Downtown, Vancouver Housing Market, Vancouver Real Estate

Vancouver’s Downtown market in May saw a slight increase in listings over April, a 30% drop in sales but an increase in the average price.

Listings - 669 vs 630 in April and 420 in January.

The least expensive condo listed in Vancouver’s Downtown is a studio for $215,000 and the most expensive is a Penthouse at 499 Drake for $4,990,000 for 4772 sq.ft.

There were 164 price reductions and 15 price increases (dah…price increases? )

377 are listed under $500,000. 251 are listed between $500,000 and $1 million. 33 are listed between $1 and $2 million and 7 over $2 million.

Sales 86. Of those Vancouver Downtown condos that sold in May, 21 had price reductions (25%) and 2 had price increases.

62 sold under $500,000 and 21 sold between $500,000 and $1 million and 3 sold over $1 million.

2008 SALES - Jan 109, Feb 137, Mar 139, Apr 114, May 86

For the Vancouver Downtown condo market there is a 6 month supply under $500,000, a 12 month supply for condos between $500,000 and $1 million and 11 months supply for condos listed between $1 and $2 million and no sales over $2 million. Overall there is a 7.7 month supply.

Average Days on Market 32 (vs. 26 in April and 37 in January)

Average Price $ 461,731 (vs. $453,628 in April and $432,108 in January)

Reflections: most sales occurring at the bottom of the market.

If you are currently selling your Vancouver Downtown condo, how are you finding the market? How long has it been listed and have you had an offer?

Pre-sales: 999 Seymour, 1000 Richards, Dolce, Alto, Beasley

Did you know you can search for Downtown listings on this site?

Read April’s stats.

Read my other posts on Vancouver’s Downtown.

Buying or selling in Vancouver’s Downtown? Fill out my contact form.

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