How is the Luxury Vancouver Condo Market?
by Maggie Chandler on September 27, 2009
in Uncategorized
Vancouver’s luxury condo market has been slow to get going this year. Since April the sales have increased but the average $ pr sq ft remains the same, it takes longer to sell these luxury condos than it did at the beginning of the year and the list price to sale price ratio has not improved, however, there are more sales over $3 million.
The first quarter of 2009 saw only 7 condo sales above $2M and only 2 sold over $3 million. Average days on the market was 66. List price to sale price ratio was 88% and the average sale price pr sq ft was $1,239.
The second quarter saw 20 sales, with only 3 selling over $3M and the most expensive was $5M on the Coal Harbour waterfront. Average days on market was 105. List price to sale price ratio was 89% and the average sale price pr sq ft was $1,111.
The third quarter also saw 21 sales with 10 above $3M and the most expensive was $6.5M in coal harbour. Average days on market was 90. List price to sale price ratio was 90% and the average sale price pr sq ft was $1,259. The average size of those that sold is 2500 sq.ft.
In 2008 there were 44 sales til end of September and 3 for the last quarter. In 2007 there were 62 sales for the year and in 2006 there were 41. So 2009 is doing very well!
Currently 87 condos listed over $2 million, with 48 sales this year that leaves only a 2 month supply. 34 of these are listed over $3 million and only 10 listed over $5 million. Most expensive is Shaw Tower Penthouse $13,800,000.
It is interesting to note that there have been 49 condos that did not sell and came off the market. Of those, 26 were re-listed, indicating there are still sellers in this price range who have been unsuccessful in selling their condo and will no doubt be re-listing again, probably after the 2010 Olympics
Overall, a good time to be selling your luxury Vancouver condo if you are realistic with the list price. View my marketing plan.
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when you’re ready to buy or sell your luxury condo, contact maggie, an experienced realtor marketing vancouver homes since 1981
Tagged as:
luxury condos,
Vancouver Real Estate
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WELCOME! And thanks for checking out my site, and wanting to know a little bit about me.
I LOVE what I do, and that’s helping home buyers and home sellers in the waterfront condo neighbourhoods of Vancouver and I’ve been doing just that for nearly 30 years, so I’ve really gotten to know this market like the back of my hand. In fact I’ve seen Vancouver’s neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the West End and now the Olympic Village being built and I have an in depth knowledge of these neighbourhoods. My interest in Vancouver’s history combines with my interest in the changes and growth of its waterfront neighbourhoods. If you see me walking on the seawall, playing tennis or boating, say hello!
The city of Vancouver and its neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the Olympic Village and the West End have been put on the world map with its dynamic growth, international immigration, hosting the 2010 Winter Olympics, amazing world class restaurants, geographical beauty and quality of life. Consistently voted the Best City in the World to live, you can find great shopping, sports and entertainment in Vancouver.
I assist first time and trade up home buyers, investors and vacation home buyers, as well as first time and trade up home sellers, investors and vacation home sellers with the purchase and sale of houses, townhouses and condominiums.
I come armed with stats and graphs and an extensive knowledge of market activity, with attention to detail that will give you piece of mind that I’m working in your best interest, I am a hard working, detail oriented, diligent individual with strong interpersonal skills, patience and a high level of integrity . My goal is to make the home buying and the home selling a fun trip with low stress and I use today’s technology to make every real estate transaction as smooth as possible by clearly answering your questions, providing expertise and offering a savvy opinion.
Providing trustworthy real estate services in the Vancouver area for over 30 years
has written 2063 articles.
{ 2 comments… read them below or add one }
Hope the coming year brings better sales figures to us all!
I hope the coming year brings more affordable housing for all!
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