Vancouver’s Downtown condo market saw listings up slightly to 437 and are the lowest since January 2008. 52 condos expired and came off the market(vs. 78 in Jan) and only 6 got relisted. Sales spiked from 117 to 176 and are by far the highest for the last 18 months. Average days on the market for condos that sold dropped to 32. The average price for Downtown condos that sold is up to $421,929 but lower than a year ago. The average $ pr sq ft for condos that sold is up to $595 and is the highest for this year. A whopping 83% of the sales were under $500,000 and only 2 over $1M. Downtown Vancouver only has a 2.4 months supply of condos (vs.16 months in October). Best selling price range is under $400,000. Market also tight between $400,000 to $500,000. List price to sales price ratio now up to 98%
Listings -437. Least expensive $188,000 for 1 bd 558 sq.ft. ($356 pr sq ft).bank sale sold “as is, where is”. Most expensive -$3.4M assignment for the Atelier Penthouse on Robson (2700 sqft)
Listings Inventory - 32 listings Downtown under $300,000. 103 between $300K and $400K. 94 listings between $400K and $500K. 131 condos listed between $500K and $700K. 30 listed between $700,000 and $1M. 36 listed between $1M and $2M and 6 over $2M.
Supply - 1.4 months under $300,000 (down from 11 months in December). 1.3 months of inventory for Vancouver Downtown condos listed between $300,000 and $400,000. 2 months supply for condos listed between $400K and $500K . 5 months supply between $500K and $700K. 15 months between $700,000 & $1,00,000. 36 months between $1 & $2M and 6 months over $2M.
2008 Listings - Jan 420, Feb 457 ,Mar 529 , Apr 630, May 669 , June 740, July 745, Aug 782, Sept 742, Oct 744, Nov 804, Dec 545
2009 Listings – Jan 547, Feb 548, Mar 426, Apr 416, May 415 , Jun 437
Sales - 176. 22 sold under $300,000. 79 sold between $300,000 and $400,000. 45 sales between $400,000 and $500,000. 25 sold between $500,000 and $700,000 and 2 sold between $700,000 & $1M. One sale between $1 & $2M and 1 sold over $2 million.
Most expensive – $1,350,000 for 1700 sqft Penthouse in Yaletown which sold under $1,350,000 as a pre-sale in 2005
Least expensive - $220,000 for 430 sq ft studio which sold for $165,000 in ‘05
Least expensive 2 bedroom $380,000 for 925 sq.ft. This condo last sold new for $156,000 in 1996.
2008 Sales - Jan 109, Feb 137 , Mar 139, Apr 114, May 86, June 102, July 65, Aug 69, Sept 62, Oct 47, Nov 34, Dec 32
2009 Sales – Jan 52, Feb 90, Mar 129, Apr 117, May 117, Jun 176
Supply (number of months) Oct 16 ,Nov 23 , Dec 17. Jan’09 - 10, Feb 6, Mar 3.3, Apr 3.6, May 3.5, Jun 2.4
2008 Average Days on Market - May 32, Jun 32, Jul 39, Aug 46 , Sept 50, Oct 48, Nov 42, Dec 78
2009 Average Days on Market – Jan 56, Feb 49, Mar 51, Apr 49, May49 , June 32
2008 Average Selling Price - Dec $425,715 , Nov $435,088, Oct $411,768, Sept $379,000, Aug $408,824, Jul $460,017 Mar $450,048, Feb $424,838
2009 Average Selling Price – Jan $413,171, Feb $371,831, Mar $404,040, Apr $391,929, May $391,929, Jun $421,392
2008Average Sale Price $ pr sq ft - Dec $553, Nov $567, Oct $562, Sept $565, Feb $616, Mar $646
2009 Average Sale price $ pr sq ft – Jan 547, Feb 544, Mar $531, Apr $543, May $ , Jun $595
2008 List to Sale Price Ratio Dec 94% ,Nov 94%, Oct 95%, Sept 96%
2009 List to Sale Price Ratio Jan 95%, feb 95%, Mar 96%, Apr 96%, May 97% , June 98%
If you are a Downtown Vancouver condo buyer are you feeling more confident about the market? Are you experiencing multiple offers?
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