This is all you need to know - Activity is Stable, Inventory is Dropping, Prices are Stable and Luxury was DEAD in November.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,064 in November 2020, a 22.7% increase from the 2,498 sales recorded in November 2019, and a 16.9% decrease from the 3,687 homes sold in October 2020.
Focusing on the Downtown Vancouver condo market in November 2020, there is consistent activity in all price brackets under $2,000,000. However, luxury properties were 100% dead as there were no sales over $2 million.
The under $900,000 market is selling at 25%, 125 out of 492 homes are selling, up 3% from last month.
The $900,000 to $1,000,000 market is selling at 13%, 10 out of 75 homes are selling, up 2% from last month.
The $1,000,000 to $1,250,000 market is selling at 27%, 21 out of 79 homes are selling, up 8% from last month.
The $1,250,000 to $2,000,000 market is selling at 13%, 22 out of 166 homes are selling, up 5% from last month.
The $2,000,000 to $2,500,000 market is selling at 0%, 0 out of 59 homes are selling.
The $2,500,000 to $3,000,000 market is selling at 0%, 0 out of 37 homes are selling.
The $3,000,000 to $5,000,000 market is selling at 0%, 0 out of 67 homes are selling.
The $5,000,000 market is selling at 0%, 0 out of 52 homes are selling.
Total unit sales in Downtown Vancouver were down 1% from last month and down 1% from November 2019.
Those who are priced correctly for this market are selling on average at a rate of 21 days up from 16 days last month.
The median price decreased 3% from last month, and the median price decreased 5% from November 2019.
The average price per square foot increased from $983 in October to $992 in November.
After 10 months and 163% increase, our Downtown Vancouver inventory is starting to decline as there are presently 1027 active listings.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in Yaletown. And the buyers’ best bets are units priced between $1.75 and $2 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.