This is all you need to know - Everything is on it’s way back to normal !
As multiple offers are beginning to disappear, the frantic pace of which the market has been moving in 2021 is showing signs of returning to a balanced market. However, the Real Estate Board of Greater Vancouver says more supply is still needed to meet active market demands. Record-low interest rates, increased household savings, a stronger economy and a continued need for living space in the COVID-19 pandemic are all factors helping boost demand, while steady price growth is encouraging more sellers to list their homes.
Focusing on the Downtown Vancouver condo market in April 2021, there is consistent activity in all price brackets under $2.5 million.
The under $900,000 market is selling at 45%, 160 out of 353 homes are selling, down 40% from last month.
The $900,000 to $1,000,000 market is selling at 30%, 21 out of 64 homes are selling, down 3% from last month.
The $1,000,000 to $1,250,000 market is selling at 30%, 23 out of 77 homes are selling, down 23% from last month.
The $1,250,000 to $2,000,000 market is selling at 21%, 35 out of 169 homes are selling, down 11% from last month.
The $2,000,000 to $2,500,000 market is selling at 24%, 11 out of 45 homes are selling, up 13% from last month.
The $2,500,000 to $3,000,000 market is selling at 0%, 0 out of 39 homes are selling, down 6% from last month.
The $3,000,000 to $5,000,000 market is selling at 15%, 9 out of 61 homes are selling, up 2% from last month.
The $5,000,000 market is selling at 6%, 3 out of 50 homes are selling, down 3% from last month.
Total unit sales in Downtown Vancouver were down 28% from last month and up 254% from April 2020 - the peak of the Covid Lockdown.
Those who are priced correctly for this market are selling on average at a rate of 9 days, which is 3 days faster than last month.
The median price increased 5% from last month, and the median price is up 4% from April 2020.
The average price per square foot increased 2% from $1,041 in March to $1,057 in April.
Our Downtown Vancouver inventory has increased 21% as there are presently 858 active listings.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the Downtown area. And the buyers’ best bets are units priced $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.
Stay Safe !!!
Sincerely,
Ian