As the Real Estate Board of Greater Vancouver reports, home sales are down across the Lower Mainland and for the first time in three years the composite benchmark price of a home in Metro Vancouver is below $1 million.
Both the Real Estate Board of Greater Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVREB) reported lower than average sales for the month of June. In Greater Vancouver, June sales were the lowest reported since 2000.
Focusing on the Downtown Vancouver condo market in June 2019;
The under $900,000 market (local money market) continues to sell if the price is right, which is 10% to 20% lower than last year.
There were 93 sales under $900,000 and 371 active listing which means 25% of the units are selling.
However, the $900,000 to $1,500,000 range is selling at a rate of 13% or 29 out of 229 homes are selling.
The $1,500,000 to $2,500,000 range is selling at a rate of 9% or 15 out of 173 homes are selling.
The $2,500,000 to $5,000,000 range is selling at a rate of 3% or 3 out of 93 homes are selling.
And the over $5,000,000 range is selling at a rate of 0% or 0 out of 48 homes are selling.
Total unit sales in Downtown Vancouver were down 15% from last month and down 12% from June 2018. Those who are priced correctly for this market are selling on average in 22 days.
The median price dropped only 4% from last month with even fewer luxury sales in the downtown market last month and the median price is down 17% from June 2018.
The average price per square foot decreased almost 6% from $1,004 in May to $947 in June.
And inventory has decreased almost 5% with 898 active listings, up 31% compared to June 2018.
The sellers’ best bets are studios and 1 bedrooms as always and condos in the West End. And the buyers’ best bets are units between $3.5 and $4 million, Coal Harbour and 3 bedrooms properties remain the worst performers.
Keeping an eye on Court Ordered sales and Foreclosure, there is a significant increase in house listings 54 units and condos are up as well with 21 units. For more information, visit www.oYum.ca.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.