Vancouver’s Downtown condo market saw listings drop 20% in March compared to February and are the lowest since January 2008. 69 condos expired and came off the market (vs. 78 in Jan). Sales increased 40% to 129 and are the highest since Mar’08 and have quadrupled since last December. Average days on the market for condos flat at 51. The average price for Downtown condos that sold jumped to over $400,000. The average $ pr sq ft for condos that sold down a bit to $531. A whopping 85% of the sales were under $500,000. Downtown Vancouver only has a 3.3 month supply of condos (vs.16 months in October). Best selling price range is under $400,000. Market tight between $400,000 to $500,000 also. More sales occurring in higher price ranges (move up sellers?). Market definitely improving!
Listings -426. Least expensive $210,000 for a studio under 461 sq.ft. ($455 pr sq ft). Most expensive -$2.895 million for 1966 sq-ft at 1055 Homer
Listings Inventory - 42 listings Downtown under $300,000. 111 between $300K and $400K. 88 listings between $400K and $500K. 71 condos listed between $500K and $600K, 70 listed between $600,000 and $1M and 44 listings in false creek north over $1 million.
Supply - less than 2 months supply for condos under $300,000 (down from 11 months in December). Less than one and a half months of inventory for Vancouver Downtown condos listed between $300,000 and $400,000. 4 months supply for condos listed between $400K and $500K . 8 months supply between $500K and $600K. 11 months between $600,000.
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
Sales - 129 26 sold under $300,000 (including 2 under $200,000!) 61 sold between $300,000 and $400,000. 23 sales between $400,000 and $500,000. 9 sold between $500,000 and $600,000 and 6 sold between $600,000 and $1M and 4 sold over $1 million.
Most expensive – $3,450,000 for 2700 sq ft Penthouse assignment on Atelier ( $1277 pr sq ft)
Least expensive -$215,000 for 439 sq.ft. studio ($489 sq-ft). It last sold in 2004 for $129,000.
Least expensive 2 bedroom $398,000 for 710 sq.ft. This condo last sold in 1996 for $233,000.
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
Supply (number of months) Oct 16 ,Nov 23 , Dec 17. Jan’09 - 10, Feb 6,Mar 3.3
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
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
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
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%
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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