Happy New Year !
This is all you need to know - Sales activity was up 42% from December 2019, inventory is dropping, and prices are stable.
The Real Estate Board of Greater Vancouver (REBGV) reports home sales jumped 53.4% in the final month of 2020 compared with December 2019. The board said 3,093 homes were sold in December, up from 2,016 in December 2019 and slightly more than the 3,064 homes sold in November.
Focusing on the Downtown Vancouver condo market in December 2020, there is consistent activity in all price brackets under $5,000,000.
The under $900,000 market is selling at 43%, 140 out of 327 homes are selling, up 18% from last month.
The $900,000 to $1,000,000 market is selling at 17%, 8 out of 47 homes are selling, up 4% from last month.
The $1,000,000 to $1,250,000 market is selling at 22%, 11 out of 51 homes are selling, down 5% from last month.
The $1,250,000 to $2,000,000 market is selling at 22%, 26 out of 120 homes are selling, up 9% from last month.
The $2,000,000 to $2,500,000 market is selling at 18%, 7 out of 40 homes are selling.
The $2,500,000 to $3,000,000 market is selling at 7%, 2 out of 30 homes are selling.
The $3,000,000 to $5,000,000 market is selling at 5%, 3 out of 58 homes are selling.
The $5,000,000 market is selling at 0%, 0 out of 46 homes are selling.
Total unit sales in Downtown Vancouver were up 11% from last month and up 42% from November 2019.
Those who are priced correctly for this market are selling on average at a rate of 30 days up from 21 days last month.
The median price decreased 1% from last month, and the median price decreased 7% from December 2019.
The average price per square foot decreased 4% from $992 in November to $948 in November.
Our Downtown Vancouver inventory took a sudden 30% decline which is very typical in December - there are presently 719 active listings.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the West End. And the buyers’ best bets are units priced above $3 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.
Happy New Year and Stay Safe !!!