This is all you need to know - Sales activity was up 61% from January 2020, inventory is holding steady, prices are creeping up again and multiple offers are back.
Homes sales in much of Metro Vancouver in January increased by 52.1% compared with sales from the same time last year. Colette Gerber, chair of the Real Estate Board of Greater Vancouver, says home sales activity in January outpaced supply, putting upward pressure on prices. The board reports 2,389 home sales in the region last month, which was a 22.8% decrease from the red-hot housing market in December. The composite benchmark price for all homes in Metro Vancouver is $1,056,600, a 5% increase over last January.
Focusing on the Downtown Vancouver condo market in January 2021, there is consistent activity in all price brackets under $1,750,000.
The under $900,000 market is selling at 34%, 113 out of 330 homes are selling, down up 9% from last month.
The $900,000 to $1,000,000 market is selling at 13%, 7 out of 54 homes are selling, down 4% from last month.
The $1,000,000 to $1,250,000 market is selling at 26%, 15 out of 58 homes are selling, up 4% from last month.
The $1,250,000 to $2,000,000 market is selling at 15%, 19 out of 123 homes are selling, down 7% from last month.
The $2,000,000 to $2,500,000 market is selling at 15%, 6 out of 39 homes are selling, down 3% from last month.
The $2,500,000 to $3,000,000 market is selling at 6%, 2 out of 34 homes are selling, down 1% from last month.
The $3,000,000 to $5,000,000 market is selling at 7%, 4 out of 57 homes are selling, up 2% from last month.
The $5,000,000 market is selling at 2%, 1 out of 46 homes are selling.
Total unit sales in Downtown Vancouver were down 15% from last month and up 61% from January 2021.
Those who are priced correctly for this market are selling on average at a rate of 32 days up from 30 days last month.
The median price increased 3% from last month, and the median price decreased 5% from January 2020.
The average price per square foot increased 7% from $948 in December to $1,019 in January.
Our Downtown Vancouver inventory is holding steady with a slight increase of 2% as there are presently 735 active listings. Down 36% from October 2020.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the West End, Downtown and Yaletown. And the buyers’ best bets are units priced above $2 million, in particular condos in Coal Harbour.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Stay Safe !!!
Sincerely,
Ian