If you’re a seller in our current buyers market you need to understand the Vancouver condominium market and what price range is selling the best. If you’re not in that price range, will have to decide if this is the right time to sell and if it is, how to aggressively market and price your Vancouver property to achieve the right results. If you are a Vancouver buyer in the current buyers market, you need to analyse what price range is the strongest and weakest, so as to determine what percentage off the list price is achievable.
Are Vancouver One Bedroom Properties Outselling The Competition?
The stats for April show a total so far of 179 condos sold in Vancouver’s west side, of which 91 are one bedrooms and 80 are 2 bedrooms and only 8 are three bedrooms.
60% of one bedrooms sold under $400,000 and 90% were under $500,000. One bedroom average days on market was 36. Average sale price of $402,000 and $626psf.
50% of two bedroom sales were under $600,000 and only 15% were over $1M. The two bedrooms had an average of 46 days on the market, average sale price of $732,000 and $672psf.
Which Price Range Has the Most Property Sales in Vancouver?
55% of total Vancouver condo sales were under $500,000 and only 7% were over $1M.
With 75% of the sales under $600,000 it’s slim pickings for sellers with condos priced above that. As Cameron Muir at BCREA said, the higher price ranges pushed up the average sales price due to the high volume in that range and now the high end buyer has diminished, the average price is falling. In fact, the lower price range of the market is doing fine.
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Buying or selling your Vancouver condo? I come armed with stats and graphs, hyperlocal info and decades of experience!