Vancouver’s False Creek North Market Analysis June 2008
July 14th, 2008 Categories: False Creek North, Vancouver Real Estate
Vancouver’s False Creek North neighbourhood saw listings and sales flat. The average $ pr sq ft and average price were down in June compared to May. The days on the market was up slightly.
Listings 210 - (202 in May) 18 listed under $500,000. 126 listed between $500,000 and $1 million. 49 listed between $1 and $2 million. 11 listed between $2 and $3 million. 4 listed over $3 million and 1 listed at $18,200 (The 1000 Beach Penthouse).
There were 69 list price reductions and 1 price increase.
The least expensive is $329,000 for a 400 sq.ft. studio at 907 Beach.
Sales 17 (same as May). 7 sold under $500,000. 7 sold between $500,000 and $1 million and 3 sold over $1 million in False Creek North.
8 had list price reductions. Least expensive was $309,000 for a 529 sqft studio. The least expensive 2 bedroom was $452,000 for 850 sq.ft.
The market in Vancouver’s False Creek North under $500,000 has a 2 1/2 month supply (down from May). Between $500,000 and $1 million there is an 18 month supply. Over $1 million there is an 21 month supply of condos in False Creek North. No sales over $1,600,000.
2008 SALES - Jan 24 , Feb 39 , Mar 44 , Apr 40 , May 18, June 18
Days on Market - 59 (47 in May)
Average Price - $713,735 ($799,378)
Average $ pr sq ft $733 ($748 in May)
List to Sales Ratio 98% (97% in May)
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Your analysis clearly demonstrates that the summer monthts are somewhat “lazy” when it comes to real estate. I’m a Vancouver realtor myself. Not many people are interested in doing business during the summer. But one shouldn’t be surprised, this is surelly the time to spend your hard earned cash on a beach and not really to scatter around the city looking for a house. On the other hand, it IS a great time for doing business because now, more than during other seasons, people are more relaxed and less stressed.
Comment by Vancouver realtor — July 15, 2008 #