This is all you need to know - Activity is Up, Inventory is Up, and Prices are Down.
With record low interest rates, September saw record activity. We also have record levels of inventory which has created the first truly balanced market in years.
Focusing on the Downtown Vancouver condo market in September 2020, there is activity in all price brackets and properties are moving if people are priced right and ready to negotiate.
The under $900,000 market is selling at 24%, 124 out of 522 homes are selling, up 1% from last month.
The $900,000 to $1,000,000 market is selling at 16%, 17 out of 106 homes are selling, down 9% from last month.
The $1,000,000 to $1,250,000 market is selling at 18%, 21 out of 117 homes are selling, up 11% from last month.
The $1,250,000 to $2,000,000 market is selling at 14%, 27 out of 198 homes are selling, up 4% from last month.
The $2,000,000 to $2,500,000 market is selling at 4%, 2 out of 57 homes are selling, down 9% from last month.
The $2,500,000 to $3,000,000 market is selling at 3%, 1 out of 37 homes are selling, down 10% from last month.
The $3,000,000 to $5,000,000 market is selling at 4%, 3 out of 67 homes are selling, up 1% from last month.
The $5,000,000 market is selling at 2%, 1 out of 48 homes are selling, down 2% from last month.
Total unit sales in Downtown Vancouver were up 12% from last month and up 15% from September 2019.
Those who are priced correctly for this market are selling on average at a rate of 15 days down from 16 days last month.
The median price decreased 10% from last month, and the median price decreased 14% from September 2019.
The average price per square foot decreased from $1,084 in August to $1,017 in September.
Again month after month, here is the most telling story, listings have increased another 6% from last month with 1152 active listings and increased 64% from September 2019.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in Downtown. And the buyers’ best bets are units priced above $5 million and 3 bedrooms.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian