The new year started with a bang in Downtown Vancouver as prices were on a significant rise in January.
The Real Estate Board of Greater Vancouver says the number of homes sold in January slowed slightly from the record-setting pace last year as the number of properties available have also dropped. The board says home sales totalled 2,285 last month, an almost 5% decrease from 2,389 in January 2021 and a 15% drop from 2,688 in December 2021. However, sales last month were 25.3% above the 10-year January average.
The board's economist Keith Stewart says conditions in the market remain tight because there is a lack of supply and a lot of people taking advantage of low interest rates. “Our listing inventory on MLS is less than half of what would be optimal to begin the year. As a result, hopeful homebuyers have limited choice in the market today,” he said, in a statement.
Focusing on the Downtown Vancouver condo market in January 2022, inventory remains extremely low and there is very strong activity in all price brackets up to $3,000,000.
The under $900,000 market is selling at 58%, 110 out of 189 homes are selling, down 15% from last month.
The $900,000 to $1,000,000 market is selling at 47%, 18 out of 38 homes are selling, up 7% from last month.
The $1,000,000 to $1,250,000 market is selling at 36%, 21 out of 59 homes are selling, down 15% from last month.
The $1,250,000 to $2,000,000 market is selling at 18%, 27 out of 150 homes are selling, up 1% from last month.
The $2,000,000 to $2,500,000 market is selling at 20%, 8 out of 41 homes are selling, up 12% from last month.
The $2,500,000 to $3,000,000 market is selling at 11%, 4 out of 35 homes are selling, up 6% from last month.
The $3,000,000 to $5,000,000 market is selling at 1%, 1 out of 70 homes are selling, down 2% from last month.
The $5,000,000 plus market is selling at 2%, 1 out of 49 homes are selling, same as last month.
Total unit sales in Downtown Vancouver were up 3% from last month and up 14% from January 2021.
Those who are priced correctly for this market are selling on average at an extremely brisk rate of 14 days, down from 19 last month.
The median price increased 5% from last month, and the median price increased 14% from January 2021.
The average price per square foot slightly increased from $1,061 in December to $1,098 in January.
January always promises a flood of new listings on the market. However, we have an unusually low inventory for the beginning of the year. Our Downtown Vancouver inventory has decreased 14% from last month as there are presently 631 active listings which is also down 14% from January 2021.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in Yaletown. And the buyers’ best bets are units priced over $5 million in Coal Harbour.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian