This is all you need to know about Downtown Vancouver real estate - Compared to September 2020 market activity is up, inventory is down, and prices are relatively the same.
According to the latest housing market report from the Real Estate Board of Greater Vancouver, there were 3,149 residential home sales in the region last month — a 13.6% decline from September 2020, but nearly 21% above the 10-year historical sales average for the month.
“Basically what we are in is a seller’s market,” said REBGV economist Keith Stewart. “It’s a market that’s still moving relatively rapidly, but prices are not climbing up the rate they were in the spring.”
Homebuyers are still likely to get into multiple offer scenarios and sellers are generally going to see their listings sold quickly, but not for record-setting prices, said Stewart.
Focusing on the Downtown Vancouver condo market in September 2021, there is significantly less inventory and consistent activity in all price brackets.
The under $900,000 market is selling at 46%, 166 out of 360 homes are selling, down 4% from last month.
The $900,000 to $1,000,000 market is selling at 21%, 21 out of 61 homes are selling, up 2% from last month.
The $1,000,000 to $1,250,000 market is selling at 22%, 20 out of 89 homes are selling, down 1% from last month.
The $1,250,000 to $2,000,000 market is selling at 15%, 29 out of 189 homes are selling, down 1% from last month.
The $2,000,000 to $2,500,000 market is selling at 2%, 1 out of 60 homes are selling, down 6% from last month.
The $2,500,000 to $3,000,000 market is selling at 6%, 3 out of 48 homes are selling, down 7% from last month.
The $3,000,000 to $5,000,000 market is selling at 5%, 3 out of 64 homes are selling, down 6% from last month.
The $5,000,000 plus market is selling at 6%, 3 out of 48 homes are selling, up 2% from last month.
Total unit sales in Downtown Vancouver were up 3% from last month and up 26% from September 2020.
Those who are priced correctly for this market are selling on average at an incredibly fast rate of 13 days, which is down from 18 days last month.
The median price decreased 2% from last month, and the median price increased 1% from September 2020.
The average price per square foot decreased 5% from $1,086 in August to $1,028 in September.
Our Downtown Vancouver inventory has increased 10% as there are presently 919 active listings but down 20% from September 2020.
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 between $2 and $2.25 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.
Sincerely,
Ian