Vancouver’s Downtown condo market saw listings up and sales down in September and a move up market with the middle range selling better than the bottom end. The average selling price and average $psf jumped due to more sales over $1M. Monthly sales were higher than a year ago, but lower than any of the 3 summer months. Condos that “expired” and didn’t sell increased from 42 to 53 (vs. 78 in Jan) and one third got relisted (this figure is on the rise) indicating that the sellers that didn’t relist will revisit the market at a future date (after 2010?), so expect a future increase in inventory. Average days on the market for condos that sold increased. 70% of the sales were under $500,000 (down from 80% in August) and sales increased in both the $500,000-700,000 price range and over $1M. The supply is up to 3.5 months and equal to Mar/Apr level (vs.16 months last October). The only price range to see listings decrease was $500-700,000. List price to sales price ratio dropped from 99% to 98%. Better opportunities for buyers and sellers now need to be priced sharp if they wish to make a sale.
Listings -529. Least expensive $199,000 for 1 bd 689 sq.ft. foreclosure at 789 Drake. Most expensive -$6.6M for 3500 sqft in Residences on Georgia Sub-Penthouse.
Listings Inventory - 15 listings Downtown under $300,000. 111 between $300K and $400K. 143 listings between $400K and $500K. 149 condos listed between $500K and $700K. 61 listed between $700,000 and $1M. 50 listed over $1M, including 4 over $3M.
Supply - 1.3 months under $300,000. 1.8 months inventory for Vancouver Downtown condos listed between $300,000 and $400,000. 4.2 months supply for condos listed between $400K and $500K . 4 months supply between $500K and $700K. 15 months between $700,000 & $1,00,000. 8 months over $1M.
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, Jul 441, Aug 436, Sept 529
Sales - 149. 11 sold under $300,000. 59 sold between $300,000 and $400,000. 34 sales between $400,000 and $500,000. 35 sold between $500,000 and $700,000 and 4 sold between $700,000 & $1M. Six sales over $1 million, including 2 over $2M.
Most expensive - 3000sf at The Grace fetching $1000psf
Least expensive - $255,000 for 530 sq ft 1 bedroom which sold for $91,000 in 1991
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, Jul 188, Aug 189, Sept 149
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, Jul 2.3, Aug 2.3, 3.5
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, Jul 30, Aug 25, Sept 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, Jul 439,124, Aug $432,000, Sept $490,000
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, Jul $601, Aug $611, Sept 618
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%, Jul 98%, Aug 99%, Sept 98%
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