What a difference a year can make. The January 2019 statistics are in and median prices are starting to plateau down approximately 20% from the peak.
It has been an entire year since the prices started their downward slide and sellers who are listening to the experts are selling without issue. The problem is 85% of the listings downtown are priced by the owners not by their realtors and of course an overpriced listing will just sit and become stale.
The local under $1 million market is strong and active with 324 listings and 67 sales giving you a 20.68% chance of selling.
The $1 million to $2.5 million market is quieter with 203 listings and 16 sales giving you a 7.88% chance of selling.
The luxury market over $2,500,000 is really slow with 108 listings and only 2 sales giving you a 1.85% chance of selling. There will be some motivated sellers and with so few buyers, prices will certainly have to adjust further.
The median price decreased 1.8% from December 2018 and is down 22.5% from the peak in January 2018, yet the median price per square foot is up 2% at $1,059 per square foot.
There were a total of 85 sales (4 per day) in Downtown Vancouver in November which was down 37% from January 2018. The units that are selling are selling 2% off the asking price in 30 days, down from last month’s 34 days on the market.
Active listings in Downtown Vancouver are up 20% (708 active listings) from the month before and up 116% from January 2018 (327 active listings). As the spring market approaches we should see this number increase steadily.
Buyers are very astute and very educated and if you are thinking of selling, you need to be priced to sell. In this market the buyers are only looking for real estate discounted from last year’s prices. Good time to be a luxury buyer.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.