Home sales in Metro Vancouver were slightly up this summer compared with last year, according to the Real Estate Board of Greater Vancouver.
There were 2,231 residential properties sold in August, a 15.7 per cent increase over the same month last year, the board said in a report posted Wednesday.
Sales were up across all types of homes including detached, townhouses, and apartments. The jump followed a fairly strong July as well, when 2,557 homes were sold in the region.
Last month’s sales were 9.2 per cent below the 10-year August sales average, putting sales at more normal summer levels for Metro Vancouver.
Focusing on the Downtown Vancouver condo market in August 2019;
The under $1,250,000 market has been moving fantastically with 42% of the units selling.
There were 120 sales under $900,000 and 267 active listing which means 45% of the units are selling.
The $900,000 to $1,000,000 range is selling at a rate of 23% or 11 out of 48 homes are selling.
The $1,000,000 to $1,250,000 range is selling at a rate of 43% or 25 out of 58 homes are selling.
However, the $1,250,000 to $2,000,000 range is selling at a rate of 10% or 15 out of 154 homes are selling.
The $2,000,000 to $2,500,000 range is selling at a rate of 5% or 2 out of 41 homes are selling.
The $2,500,000 to $5,000,000 range is selling at a rate of 3% or 3 out of 87 homes are selling.
And the over $5,000,000 range is selling at a rate of 0% or 0 out of 49 homes are selling.
Total unit sales in Downtown Vancouver were up 5% from last month and up 16% from August 2018. Those who are priced correctly for this market are selling on average in 25 days.
The median price decreased 5% from last month thanks to the luxury market being extremely quiet, and the median price is down 8% from August 2018.
The average price per square foot decreased 5% from $1005 in July to $953 in August.
And inventory has decreased almost 18% with 704 active listings, and up 12% compared to August 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 $3 million, Coal Harbour and 3 bedrooms properties remain the worst performers.
Keeping an eye on Court Ordered Sales and Foreclosures, there is an increase in house listings with 62 units, up from 59 units last month, and condos are up as well with 27 units, up from 25 units. For more information, visit www.oYum.ca.
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