The Real Estate Board of Greater Vancouver says home sales jumped 46.3 per cent in September compared with last year to hit near average levels after a decline in prices.
The board says 2,333 homes sold in the month, up from 1,595 sales last year, to come in at a level just 1.7 per cent below the 10-year average for September.
However, prices across all home types in Greater Vancouver continued to dip.
Focusing on the Downtown Vancouver condo market in September 2019, incredibly it’s almost a mirror image of September 2018.
As we have seen all year, the local money (under $1,250,000) is the only segment consistently moving.
The under $900,000 market is selling at a rate of 30% or 94 out of 310 homes are selling.
The $900,000 to $1,000,000 range is selling at a rate of 28% or 15 out of 54 homes are selling.
The $1,000,000 to $1,250,000 range is selling at a rate of 59% or 30 out of 51 homes are selling.
However, the $1,250,000 to $2,000,000 range is selling at a rate of 13% or 21 out of 164 homes are selling.
The $2,000,000 to $2,500,000 range is selling at a rate of 15% or 7 out of 51 homes are selling.
The $2,500,000 to $5,000,000 range is selling at a rate of 5% or 4 out of 88 homes are selling.
And the over $5,000,000 range is selling at a rate of 0% or 0 out of 46 homes are selling.
Total unit sales in Downtown Vancouver were down 3.5% from last month and up 35% from September 2018. Those who are priced correctly for this market are selling on average in 24 days.
The median price increase 16% from last month thanks to a strong sales in the $1,000,000 to $1,500,000 range, and the median price is unchanged from September 2018.
The average price per square foot increased 12% from $953 in August to $1,070 in September.
And inventory has increased almost 7% with 754 active listings which is the exact inventory we had in September 2018.
The sellers’ best bets are studios and 1 bedroom condos in the Yaletown area. And the buyers’ best bets are units between $1.75 and $2 million, Coal Harbour and 3 bedrooms properties remain the worst performers.
Keeping an eye on Court Ordered Sales and Foreclosures, there is an increase in house listings with 65 units, up from 62 units last month, and condos are up as well with 20 units, down from 27 units. For more information, visit www.oYum.ca.
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