Vancouver’s Downtown condo market in April showed the average sale price rose to $518,068, up from $334,000 in Jan’06! January was the peak and April was higher than March. Prices are up 0.5% over the last year, whilst total listings have now flattened and are equal to a year ago. Sales are down a whopping 20% from a year ago and lower than March, having peaked in Oct’09. It’s taken an average of 45 days to sell a property in April, which is 49% longer than a year ago and the average $psf is 654, equal to a year ago. This Vancouver neighbourhood is doing well, given current market conditions.
How Have Vancouver Downtown Condos Performed Vs. Townhomes?
Over the last year Vancouver Downtown townhomes have dropped 11.6% and condos have risen 1.1%. Townhomes peaked in Oct’09 and condos peaked in Jan’12.
Where’s the Best Value for Vancouver’s Downtown Properties?
Overall, the average sale price for 3 bedroom properties dropped 50% over the last year (lack of high end sales?). Two bedrooms gained 3.3% and one bedrooms performed the best with a 8.8% gain. We’ve returned to a lower priced market.
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Buying or Selling a condo or townhome in Vancouver’s Downtown? I come armed with stats and graphs, hyperlocal info, strong communication skills, all coupled with decades of experience!