Don’t let the graph fool you - Downtown Vancouver real estate is changing.
This is the first time since May 2014 that we have seen over 1000 active listings in Downtown Vancouver.
Just for reference when the condo market was quite hot in August 2017 we had 382 active listings and the $600,000 to $700,000 price bracket was selling at 47%. Today we have 1085 listings and the $600,000 to $700,000 price bracket is selling at 15%. Yes times are about to change.
Don’t misunderstand me, I’m not saying the market is crashing but it's a great time to be a buyer.
Focusing on the Downtown Vancouver condo market in August 2020, thanks to 5 large sales, the median sale price graph shows prices went up and this is what the media will certainly report - prices are up - but you need to dig deeper.
The under $900,000 market is selling at 23%, 111 out of 487 homes are selling, down 4% from last month.
The $900,000 to $1,000,000 market is selling at 25%, 23 out of 93 homes are selling, up 16% from last month.
The $1,000,000 to $1,250,000 market is selling at 7%, 19 out of 106 homes are selling, down 11% from last month.
The $1,250,000 to $2,000,000 market is selling at 10%, 19 out of 197 homes are selling, down 3% from last month.
The $2,000,000 to $2,500,000 market is selling at 13%, 6 out of 48 homes are selling, down 1% from last month.
The $2,500,000 to $3,000,000 market is selling at 13%, 3 out of 37 homes are selling, down 4% from last month.
The $3,000,000 to $5,000,000 market is selling at 5%, 3 out of 61 homes are selling, up 3% from last month.
The $5,000,000 market is selling at 4%, 2 out of 47 homes are selling, same as last month.
Total unit sales in Downtown Vancouver were down 1% from last month and down 1% from August 2019.
Those who are priced correctly for this market are selling on average at a rate of 16 days up from 12 days last month.
The median price increased 9% from last month, and the median price increased 12% from August 2019.
The average price per square foot increased from $1,029 in July to $1,084 in August.
And here is the most telling story, listings have increased 12% from last month with 1085 active listings and increased 54% from August 2019. Obviously the public is feeling the effects of covid and deciding it's time to unload their debt.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the West End and Yaletown. And the buyers’ best bets are units priced above $5 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.