Focusing on the Downtown Vancouver market, the median price actually went up 6% due to two significant sales over $5 million dollars. However, don’t be mislead or believe the market is getting stronger. Two very important indicators of a healthy real estate market are the number of transactions and whether inventory is increasing or decreasing.
There were 126 sales in Downtown Vancouver in September which was down 17% from August and down 47% from September 2017.
Condos are selling but buyers are only looking for deals with no sense of urgency. The units that are actually selling are selling 3% off the asking price which is great! This means that the 126 sales that happened in September were those that were priced correctly for this market and those that didn’t sell were most likely overpriced.
Inventory took a large leap as well. Active listings in Downtown Vancouver in September are up 20% from August and up 82% from September 2017.
With the simple principles of economics, more inventory is going to have downward pressure on pricing in the longterm.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.