Vancouver’s Downtown Condo Average Sale Price Drops in May 2012
by Maggie Chandler on June 13, 2012
in Downtown
How is Vancouver’s Downtown Condo Market? Vancouver’s Downtown condo average sale price in May dropped to $470,697 (from $518,068 in April) and is equal Sept’09 prices but has been rollercoastering! Prices peaked at $548,127 in January. Prices lost 7.2% year over year. Total listings are up to 530, higher than a year ago and equal to Nov’08. Sales dropped to 89, lower than a year ago and equal to Apr’09. It’s taken an average of 41 days to sell a property in May,which was quicker than April. The average $psf is down to 641, equal to a year ago. This Vancouver neighbourhood represents great opportuniites for buyers!
How Have Vancouver Downtown Condos Performed Vs. Townhomes?
Over the last year Vancouver Downtown townhomes have dropped 10% and condos have dropped 6.6%. Townhomes peaked in Oct’09 and condos peaked in Jan’12.
Where’s the Best Value for Vancouver’s Downtown Properties?
Downtown one bedroom condos under $360,000 lost 7.3% over the last year. Vancouver Downtown condos between $450,000 and $575,000 performed the best with a 0.3% gain.
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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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I assist first time and trade up home buyers, investors and vacation home buyers, as well as first time and trade up home sellers, investors and vacation home sellers with the purchase and sale of houses, townhouses and condominiums.
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