This is all you need to know about Downtown Vancouver real estate - Market activity is up, inventory is dropping, and prices continue to be steady.
House prices in the Lower Mainland show no indication of slowing down, as a lack of supply drives a massive increase in August.
The Real Estate Board of Greater Vancouver released its latest market analysis showing regional sales to be 20% higher than the ten year average, with the average home sale price now up to $1.8 million.
The board says the major contributing factor to driving up the price is a lack of listings.
Focusing on the Downtown Vancouver condo market in August 2021, there is significantly less inventory and higher than average activity in all price brackets.
The under $900,000 market is selling at 50%, 163 out of 323 homes are selling, up 10% from last month.
The $900,000 to $1,000,000 market is selling at 19%, 11 out of 58 homes are selling, down 10% from last month.
The $1,000,000 to $1,250,000 market is selling at 23%, 19 out of 83 homes are selling, up 2% from last month.
The $1,250,000 to $2,000,000 market is selling at 16%, 17 out of 185 homes are selling, up 7% from last month.
The $2,000,000 to $2,500,000 market is selling at 8%, 4 out of 50 homes are selling, down 3% from last month.
The $2,500,000 to $3,000,000 market is selling at 13%, 5 out of 39 homes are selling, up 5% from last month.
The $3,000,000 to $5,000,000 market is selling at 11%, 7 out of 62 homes are selling, up 7% from last month.
The $5,000,000 plus market is selling at 4%, 2 out of 50 homes are selling, up 4% from last month.
Total unit sales in Downtown Vancouver were up 7% from last month and up 36% from August 2020.
Those who are priced correctly for this market are selling on average at a rate of 18 days, which is up from 15 days last month.
The median price increased 1% from last month, and the median price decreased 7% from August 2020.
The average price per square foot increased 4% from $1,048 in July to $1,086 in August.
Our Downtown Vancouver inventory has decreased 11% as there are presently 832 active listings.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the West End. And the buyers’ best bets are units priced between $3 and $3.5 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.
Sincerely,
Ian