After four months of rebounding sales activity, Metro Vancouver’s real estate market appears to be levelling off, according to new data from the Real Estate Board of Greater Vancouver (REBGV).
The board released its November sales data Tuesday, which showed a 55.3 percent jump in sales across the region from the same month last year. However, after four months of sales gains, the number of units sold declined 12.6 percent from October. November’s sales were four percent above the 10-year November average.
Focusing on the Downtown Vancouver condo market in November 2019, the number of sales are up and the inventory is down compared to November 2018.
As we have seen all year, the local money (under $2,00,000 now) is selling very well and the opportunities are in the luxury high end segment.
The under $900,000 market is selling at a rate of 56% or 120 out of 214 homes are selling.
The $900,000 to $1,000,000 range is selling at a rate of 22% or 8 out of 36 homes are selling.
The $1,000,000 to $1,250,000 range is selling at a rate of 23% or 13 out of 57 homes are selling.
As a great surprise, the $1,250,000 to $2,000,000 range is selling very well at a rate of 18% or 28 out of 156 homes are selling.
The $2,000,000 to $2,500,000 range is selling at a rate of 3% or 1 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 4 out of 85 homes are selling.
And there were a few sales in the above $5,000,000 range selling at a rate of 5% or 2 out of 44 homes are selling.
Total unit sales in Downtown Vancouver were down 12% from last month and up 50% from November 2018. Those who are priced correctly for this market are selling on average in 24 days up from 19 days last month.
The median price increased 3% from last month due to stronger sales in the $1,250,000 to $2,000,000 range, and the median price is down 6% from November 2018.
The average price per square foot barely changed from $1,024 in October to $1,029 in November.
And inventory has decreased almost 12% with 630 active listings which is down 22% from November 2018.
The sellers’ best bets are studios and 1 bedroom condos in the Downtown area. And the buyers’ best bets are units between $2.25 and $2.5 million and above $5 million. Coal Harbour and 3 bedrooms properties remain the worst performers.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
PS Here is an interesting article about the Empty Homes Tax Increase