Vancouver’s Downtown Real Estate Market Analysis August 2008

September 16th, 2008 Categories: Downtown, Vancouver Housing Market, Vancouver Real Estate

Vancouver real estate market Downtown in August saw sales up, listings up, days on the market up and average sale price up slightly. There is an 11 month supply of condos in Vancouver’s Downtown.

Listings 782. Up from 745 in July

39 listings under $300,000. 206 between $300,000 and $400,000. 220 between $400,000 and $500,000. 213 between $500K and $700K. 64 listings between $700K and $1 million and 46 listings over $1 million.

2008 Listings Jan 420 , Feb 457 ,Mar 529 , Apr 630, May 669 , June 740, July 745, Aug 782

Sales 69. Up from 65 in July

Vancouver’s real estate market Downtown saw 8 sold under $300,000. 38 between $300,000 and $400,000. 14 between $400,000 and $500,000. 6 between $500,000 and $700,000. 3 between $700,000 and 1 over $1 million. Least expensive sale was $220,000 for a studio and most expensive was $1,275,000 for 1300 sq.ft. As prices drop, I have split up the category under $500,000.

This leave a 5 month supply of condos under $300,000 in Vancouver’s real estate market Downtown. Five and a half months supply for condos between $300,000 and $400,000. Over 15 months supply between $400,000 and $500,000. 35 months supply between $500,000 and $700,000. 21 months supply between $700,000 and $1M and 46 months supply over $1 million. A bottom end market in august.

2008 SALES - Jan 109, Feb 137 , Mar 139, Apr 114, May 86, June 102, July 65, Aug 69

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Days on market 46 July 39, June 32, May 32

Average price $408,824 down from $460,017 in july

Read Helmut Pastrick, Central Credit Union, “BC economy downshifts”. National Post reports that annual price increases between 2001-08 for Vancouver is 10.6%. Yattermatters sums it up. The market has responded to the current negativity and no doubt the September stats will be worse than August.

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