The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in July 2020 totalled 3,128, a 28% increase from the previous month, and a 22.3% increase from July 2019. Please note that this is for Greater Vancouver and not Vancouver proper.
Focusing on the Downtown Vancouver condo market in July 2020, prices continue to hold strong and unit sales are similar to July 2019 for the under $1 million market. However, a lot of Vancouver condo owners all had the same idea – July was the perfect month to sell.
As market confidence drops for the luxury market, inventory is steadily increasing, this combined with very few sales above $3 million we are bound to see an impact on the higher end pricing.
The under $900,000 market is selling at 27%, 111 out of 411 homes are selling, up 2% from last month.
The $900,000 to $1,000,000 market is selling at 9%, 9 out of 97 homes are selling, down 4% from last month.
The $1,000,000 to $1,250,000 market is selling at 18%, 19 out of 106 homes are selling, up 6% from last month.
The $1,250,000 to $2,000,000 market is selling at 13%, 22 out of 172 homes are selling, up 1% from last month.
The $2,000,000 to $2,500,000 market is selling at 14%, 6 out of 43 homes are selling, up 9% from last month.
The $2,500,000 to $3,000,000 market is selling at 17%, 6 out of 35 homes are selling.
The $3,000,000 to $5,000,000 market is selling at 2%, 1 out of 54 homes are selling.
The $5,000,000 market is selling at 4%, 2 out of 45 homes are selling, up 4% from last month.
Total unit sales in Downtown Vancouver were up 32% from last month and up 5% from July 2019.
Those who are priced correctly for this market are selling on average at a rate of 12 days down from 14 days last month.
The median price increased 0.5% from last month, and the median price decreased 2.5% from July 2019.
The average price per square foot decreased from $1,083 in June to $1,029 in July.
Listings have increased 16% from last month with 963 active listings and increased 17% from July 2019.
As always, the sellers’ best bets are studios and 1 bedroom condos and in particular in the West End. And the buyers’ best bets are units priced between $1.75 to $2 million as well as units over between $3 and $5 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
PS Here are some interesting articles