Ian Watt Vancouver Condo Real Estate Video Blog #747 - February 4, 2013
The 2012 Downtown Vancouver Condo Year in Review by Ian Watt
Ian Watt video blogs about the difference between the sales activity, price per square foot, average selling price for Downtown Vancouver condos in 2012 versus 2011. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright Ian Watt © All Rights Reserved 2013.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Doing the year in review for 2012 for the area that the MLS likes to call Downtown. And Downtown in 2011 had a 1,069 sales and in 2012 had 854 sales so that was down about 20%. Pretty consistent with most areas. But the interesting thing about the Downtown area according to the MLS what we call Downtown is the average sale price actually increased 3% in 2011 the average sale price was $487,000 dollars and in 2012 it went up to 500 and almost $502,000 dollars and then the average price per square foot didn’t change too much it was $643 dollars a square foot in 2011 and in 2012 went down to $641 dollars a square foot so not a lot of change there. Now as far as days on the market yeah that in change it was 41 days on the market in 2011 and 51 days in 2012. So pretty big change there that’s about 24% if my math is correct. Now the reason why in my opinion that the price the average sale price went up in 2012 for the Downtown portion of the Downtown core is because of all the over price pre-sales that you probably find along Drake Street. My name is Ian Watt if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!