The latest statistics from the Real Estate Board of Greater Vancouver released Friday revealed the region's housing market continued to see a quiet summer season through August.
Home sales last month dropped 40%, meaning 1,200 fewer homes were sold compared to August 2021. Sales were nearly 30% below the 10-year average for August.
"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer," Andrew Lis, REBGV’s director, economics and data analytics said in a news release.
"This shift in market conditions caused prices to edge down over the past four months."
Focusing on the Downtown Vancouver condo market in August 2022, prices haven’t changed yet but sales activity is WAY down compared to this time last year.
The under $900,000 market is selling at 36%, 93 out of 255 homes are selling, up 3% from last month.
The $900,000 to $1,000,000 market is selling at 15%, 8 out of 54 homes are selling, down 1% from last month.
The $1,000,000 to $1,250,000 market is selling at 22%, 16 out of 74 homes are selling, down 3% from last month.
The $1,250,000 to $2,000,000 market is selling at 9%, 18 out of 193 homes are selling, up 2% from last month.
The $2,000,000 to $2,500,000 market is selling at 5%, 5 out of 53 homes are selling, up 3% from last month.
The $2,500,000 to $3,000,000 market is selling at 8%, 0 out of 35 homes are selling, down 8% from last month.
The $3,000,000 to $5,000,000 market is selling at 4%, 3 out of 79 homes are selling, down 3% from last month.
The $5,000,000 plus market is selling at 4%, 2 out of 56 homes are selling, same as last month.
Total unit sales in Downtown Vancouver were down 6% from last month and down 40% from August 2021.
Those who are priced correctly for this market are selling on average at a fairly slow rate of 21 days, which is up from 12 days last month.
The median price decreased 1% from last month, and the median price increased 6% from August 2021.
The average price per square foot decreased from $1,081 in July to $1,050 in August.
Our Downtown Vancouver inventory has decreased 10% from last month as there are presently 802 active listings which is down 4% from August 2021.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in Downtown. And the buyers’ best bets are units priced between $1.75 to $2 million in Coal Harbour.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian