The Real Estate Board of Greater Vancouver says demand for properties remains healthy but listings have fallen almost 21% compared with the number of homes offered for sale last February. [At some price ranges] Metro Vancouver still a seller's market despite housing downturn.
Board president Ashley Smith said the condominium market was also the busiest across the region in February. Agents are reporting more people attending open houses and multiple offers being made in some sections of the market, she added in a statement. If you're considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices,' Smith said.
Focusing on the Downtown Vancouver condo market in February 2020, the numbers are truly impressive. In short, 44% of the units priced under $1,250,000 are selling and only 7% the units priced above $1,250,000 are selling. There is no doubt the NDP government’s plan to deter foreign investment in luxury real estate in Vancouver is working.
The under $900,000 market is selling at an amazing rate of 49% or 95 out of 193 homes are selling.
The $900,000 to $1,000,000 range is selling at another strong rate of 35% or 11 out of 31 homes are selling.
The $1,000,000 to $1,250,000 range is selling at an impressive rate of 32% or 17 out of 53 homes are selling.
However, as we increase over $1,250,000 the sales percentages drop considerably.
The $1,250,000 to $2,000,000 range is selling at a rate of 12% or 17 out of 146 homes are selling.
The $2,000,000 to $2,500,000 range is selling at a rate of 8% or 3 out of 38 homes are selling.
The $2,500,000 to $5,000,000 range is slightly improving, selling at a rate of 5% or 5 out of 106 homes are selling.
And there were no sales in the above $5,000,000 as 0 out of 42 homes have sold.
Total unit sales in Downtown Vancouver were up 39% from last month and up 58% from February 2019.
Those who are priced correctly for this market are selling on average at a super fast rate of 9 days down from 16 days last month.
The median price decreased 3% from last month, and the median price is down 11% from February 2019.
The average price per square foot slightly increased from $1,011 in January to $1,059 in February.
Much of the increased activity has to do with very low inventory. Listings have only increased 8% from last month with 571 active listings but down 31% from February 2019.
As always, the sellers’ best bets are studios and 1 bedroom condos in the Downtown area. And the buyers’ best bets are Coal Harbour units, and homes priced between $2.75 and $3.0 million and above $5 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.