October 2020 Real Estate Statistics
This is all you need to know - Activity is stable, Inventory is stable, and Prices are stable.
The Real Estate Board of Greater Vancouver reported that sales were up 29% in October 2020 compared to October 2019 and realtors sold 3,687 homes last month, up from 2,858 sold in October 2019. This is 100% true for Greater Vancouver. However, in Downtown Vancouver sales were slightly down from last month and down from last year.
Focusing on the Downtown Vancouver condo market in October 2020, there is consistent activity in all price brackets but its the luxury properties that are surprisingly active.
The under $900,000 market is selling at 22%, 123 out of 564 homes are selling, down 2% from last month.
The $900,000 to $1,000,000 market is selling at 11%, 10 out of 87 homes are selling, down 5% from last month.
The $1,000,000 to $1,250,000 market is selling at 19%, 18 out of 97 homes are selling, up 1% from last month.
The $1,250,000 to $2,000,000 market is selling at 8%, 15 out of 197 homes are selling, down 6% from last month.
The $2,000,000 to $2,500,000 market is selling at 7%, 4 out of 56 homes are selling, up 3% from last month.
The $2,500,000 to $3,000,000 market is selling at 0%, 0 out of 36 homes are selling, down 3% from last month.
The $3,000,000 to $5,000,000 market is selling at 9%, 6 out of 68 homes are selling, up 5% from last month.
The $5,000,000 market is selling at 9%, 4 out of 47 homes are selling, up 9% from last month.
Total unit sales in Downtown Vancouver were down 8% from last month and down 10% from October 2019.
Those who are priced correctly for this market are selling on average at a rate of 16 days up from 15 days last month.
The median price decreased 2% from last month, and the median price decreased 1% from October 2019.
The average price per square foot decreased from $1,017 in September to $983 in October.
After 9 months and 163% increase, our Downtown Vancouver inventory has seemed to plateau at 1152 active listings.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in Downtown, Yaletown and the West End. And the buyers’ best bets are units priced between $1.5 and $1.75 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian