June 2012 saw the average sale price for Coal Harbour condos drop slightly to $1,202,000 from May and is down 1.5% from a year ago, having peaked at $1,766,000 in Nov’11. Coal Harbour Sales are down 50% from a year ago, with 50% under $550,000 and 20% over $1M, with an average of 77 days on the market for solds. The average price psf dropped to $846 having achieved a peak in Oct’08 at $1015 and roller coastering since then.
Coal Harbour condo listings sit at 218, equal to a year ago. Monthly new listings are dropping. Coal Harbour Sellers on average moved 7% off List Price. The high inventory and low number of sales equals a strong buyer’s market for Coal Harbour condos, as the prices remain squishy. Buyer activity is predicted to increase for the last half of 2012, so this may be as low a price as buyers can get.
Compared to a year ago, average price for Vancouver’s Coal Harbour townhomes and condo 3 bedrooms was up 25% (average price $2.2M), 2 bedrooms lost 5% (average price $1.500.000) and one bedrooms increased 10% (average price 483,000).
Coal Harbour Waterfront Condo Prices Vs Non Waterfront Condos
Vancouver’s Coal Harbour has less than 40 condo buildings and the area is built out. It is made up mostly of condos but some building have townhomes as well. 2012 has had 20 waterfront condo sales, with an average sale price of $2.8M. There have been 3 waterfront townhome sales this year with an average sale price of $2,260,000 The average price of non Coal Harbour waterfront condos was $854,000
How Much Have Prices dropped in Vancouver’s Coal Harbour?
Year to date sales for Coal Harbour condos sit at 128, with an average sale price of $1,139,000 vs. 216 sales last year and an average sale price of $1,207,000. In Jun’08 Coal Harbour condos had the same average sale price, with prices roller-coastering since then. I believe we won’t see the big drop that buyers are hoping for, as they can now purchase at 2008 prices and sellers are not desperate, they will wait for prices to go up again.
Buying or Selling a condo or townhome in Vancouver’s Coal Harbour? I come armed with stats and graphs, hyperlocal info, decades of experience and a complete internet marketing strategy.
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