May saw only 6 sales of luxury Vancouver condos over $2M, down from 10 in April, with the highest sale price being $2.5M. Average days on market 54 and a total of 159 listings with 90% list price to sales price ratio. A whopping 26 months of inventory (up from 17 in March). 2009 looks like the best year so far for Vancouver luxury condo sales. Where have all the luxury condo buyers gone?
Listings - Jan Feb 50, Mar 179, May 159
63 listed between $2M and $3M. 46 listed between $3M & $4M. 25 listed between $4M and $5M. 21 listed between $5M & $10M. 4 listed over $10M.
Luxury Sales over $2M 2004 – 35 , 2005 – 37, 2006 – 40, 2007 – 62, 2008 – 47, 2009 – 85, 2010 – 33 to date
2010 Solds -Jan 3, Feb 7, Mar 7, Apr 10, May 6
Four of the sales were on Beach Avenue and 4 sold under $2.1M.
Properties sold over $5 million - Jan 2, Feb 1, Mar 1
Properties sold over $10 million -Jan 0, Feb 0Mar 0
Average Days on Market for Solds - Jan 59, Feb 22, Mar 73, May 54
List Price to Sales Price Ratio - Jan 94%, Feb 94%, Mar 91%, Apr 90%
Supply (months) Jan 9, Mar 25, May 26
Average Sold Price – Jan $2.7M, Mar $3.1M, May $1.7M
Most expensive condo i
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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!
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Wow, it really looks like the luxury properties are not selling lately. Everyone is looking for a good deal and not willing to spring for something more expensive.
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