This is all you need to know - It’s a crazy hot market fuelled by incredibly low mortgage rates.
The board revealed Tuesday that February sales in the B.C. region totalled 3,727, a 73.3% increase from the 2,150 sales recorded the year before and a 56 % spike from the 2,389 homes sold the month before. The month's sales were so strong that REBGV said they were 42.8% higher than February's 10-year sales average and are helping the market shift in favour of sellers.
Focusing on the Downtown Vancouver condo market in February 2021, there is consistent activity in all price brackets under $2,750,000.
The under $900,000 market is selling at 50%, 167 out of 336 homes are selling, down up 16% from last month.
The $900,000 to $1,000,000 market is selling at 24%, 13 out of 55 homes are selling, up 11% from last month.
The $1,000,000 to $1,250,000 market is selling at 24%, 16 out of 67 homes are selling, down 2% from last month.
The $1,250,000 to $2,000,000 market is selling at 24%, 31 out of 130 homes are selling, up 9% from last month.
The $2,000,000 to $2,500,000 market is selling at 20%, 6 out of 30 homes are selling, up 5% from last month.
The $2,500,000 to $3,000,000 market is selling at 12%, 4 out of 33 homes are selling, up 6% from last month.
The $3,000,000 to $5,000,000 market is selling at 11%, 5 out of 61 homes are selling, up 4% from last month.
The $5,000,000 market is selling at 2%, 1 out of 48 homes are selling.
Total unit sales in Downtown Vancouver were up 46% from last month and up 68% from February 2020.
Those who are priced correctly for this market are selling on average at a rate of 12 days up from 32 days last month.
The median price increased 1% from last month, and the median price is down 1% from February 2020.
The average price per square foot increased 1% from $1,019 in January to $1,029 in February.
Our Downtown Vancouver inventory is holding steady with a slight increase of 3% as there are presently 760 active listings.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the Downtown and Yaletown. And the buyers’ best bets are units priced above $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