Vancouver Real Estate Downtown Analysis October 2008
November 18th, 2008 Categories: Downtown, Vancouver Housing Market, Vancouver Real Estate
Vancouver’s Downtown condo market saw listings flat in October and sales slightly lower. Average days on the market for condos that sold was down slightly from 50 to 48. The average price for Downtown condos that sold increased from $379,000 to $411,768. The average $ pr sq ft for condos that sold is flat at $562. Again a whopping 89% of the sales were under $500,000. Best selling price range is under $400,000. Vancouver’s Downtown inventory increased to 16 months. This October was the lowest for sales for the millennium - given the increase in population in Vancouver from 2000, that is an amazing statistic.
Listings - 744 vs 742 in September
57 listings in False Creek North under $300,000. 229 between $300,000 and $400,000. 198 between $400,000 and $500,000. 216 listings between $500,000 and $1 million and 37 listed between $1 and $2M.
2008 Listings - Jan 420 , Feb 457 ,Mar 529 , Apr 630, May 669 , June 740, July 745, Aug 782, Sept 742, Oct 744
Least expensive $149,000 for a studio. $228,000 for a l bedroom and $409,000 for a 2 bedroom. Most expensive $3.8M
Sales - 47 vs. 62 in September
9 sold under $300,000. 23 sold between $300,000 and $400,000. 8 sold between $400,000 and $500,000. 5 sold between $500K and $1M and 2 sales between $1 and $2 million.
2008 Sales - Jan 109, Feb 137 , Mar 139, Apr 114, May 86, June 102, July 65, Aug 69, Sept 62, Oct 47
October Snapshots - at the bottom of the last down cycle in 2000, there were 44 sales in October. Oct’01 (61), Oct’02 (92), Oct’03 (225), Oct’04 (113 ), Oct’05 ( 172), Oct’06 (118 ), Oct’07 ( 102).
Supply - 6 months supply of False Creek North condos listed under $300,000. 10 months supply between $300,000 and $400,000. 2 years supply between $400,000 and $500,000. A whopping three and a half years supply of Downtown condos between $500K and $1M. 18 months of supply for condos listed between $1 and $2M. No market in October for listings over $2M.
Expired - 101 vs 113 in September
Average Days on Market - May 32, Jun 32, Jul 39, Aug 46 , Sept 50, Oct 48
Average Selling Price -Oct $411,768, Sept $379,000, Aug $408,824, Jul $460,017 Mar $450,048, Feb $424,838
Average Sale Price $ pr sq ft - $562, Sept $565, Feb $616, Mar $646
List to Sale Price Ratio 95% vs 96% in September (the list price to sale price gap is widening)
Reflections - the market is crunching to a halt. Best selling price range is under $300,000 and even that has a 6 month supply of inventory. Why list now? Unless you are absolutely serious about selling and prepared to really sharpen the list price you may as well sit the market out. It is interesting to observe that although the listings count is high and the sales are grinding to a halt, the average price is not crashing.
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