How is Vancouver’s Downtown Condo Market? Vancouver’s Downtown average sale price in July turned down slightly from $479,000 to $463,000 and is now 8.5% lower than a year ago and equal to Sept’09. Prices peaked at $548,127 in Jan’12. Downtown listings dipped to 561, 5% higher than a year ago and equal to Nov’08. Downtown sales dropped to 62, down 18% from a year ago and equal to Feb’09. Days to sell a property in July sat at 42. The average $psf is down to 624. This Vancouver neighbourhood represents great opportunities for buyers!
How Have Vancouver Downtown Condos Performed Vs. Townhomes?
Compared to a year ago, Vancouver Downtown townhomes are up 23% (pushed up by some high end sales) and condos are down 9.7%. Townhomes peaked in Oct’09 and condos peaked in Jan’12.
Where’s the Best Value for Vancouver’s Downtown Properties?
Compared to a year ago, Downtown real estate above $575,000 performed the best, with a 5% gain and Vancouver Downtown properties under $360,000 performed the worst, with a 5% loss. Given that the average sale price has been rollercoastering for the last 3 years, i see this continuing til year end, with an increase in sales for the Fall. I’m currently working with Downtown buyer clients and I see amazing deals out there!
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Buying or Selling a condo or townhome in Vancouver’s Downtown?
P.S. I am your Vancouver real estate condo realtor!