Downtown Vancouver Real Estate Analysis for August 2009
September 23rd, 2009 Categories: Downtown, Real Estate
Vancouver’s Downtown condo market has seen listings stabilize since April, sales stabilize since June and the average selling price unchanged since June. Monthly Sales remain the highest since Jan’08. Condos that “expired” and didn’t sell increased from 33 to 42 (vs. 78 in Jan) and only 7 got re-listed. Average days on the market for condos that sold dropped to 25 and are the lowest since Jan’08. The average sale price for Downtown condos is $439,000 and higher than a year ago. The average $ pr sq ft for condos that sold is up to $611 and is the highest for this year. A whopping 80% of the sales were under $500,000 and only 2 over $1M. The supply is flat for the last 3 months at 2.3 months (vs.16 months in October). Best selling price range is under $500,000 and over $1M is the slowest. List price to sales price ratio is the highest for the year at 99%. The market will remain steady until we see an increase in listings
Listings -436. Least expensive $168,000 for 1 bd 558 sq.ft.. Most expensive -$6.6M for 3500 sqft in Residences on Georgia Sub-Penthouse.
Listings Inventory - 18 listings Downtown under $300,000. 92 between $300K and $400K. 106 listings between $400K and $500K. 124 condos listed between $500K and $700K. 47 listed between $700,000 and $1M. 46 listed over $1M, including 3 over $3M.
Supply - 1.5 months under $300,000 (down from 11 months in December). 1 months inventory for Vancouver Downtown condos listed between $300,000 and $400,000. 2 months supply for condos listed between $400K and $500K . 4.4 months supply between $500K and $700K. 6.7 months between $700,000 & $1,00,000. 23 months over $1M.
2008 Listings - Jan 420, Feb 457 ,Mar 529 , Apr 630, May 669 , June 740, July 745, Aug 782, Sept 742, Oct 744, Nov 804, Dec 545
2009 Listings – Jan 547, Feb 548, Mar 426, Apr 416, May 415 , Jun 437, Jul 441, Aug 436
Sales - 189. 12 sold under $300,000. 88 sold between $300,000 and $400,000. 52 sales between $400,000 and $500,000. 28 sold between $500,000 and $700,000 and 7 sold between $700,000 & $1M. Two sales over $1 million.
Most expensive - 1287 sq.ft. Penthouse at Pure on Hornby $1,099,000
Least expensive - $234,000 for 530 sq ft 1 bedroom which sold for $110,000 in 1992
2008 Sales - Jan 109, Feb 137 , Mar 139, Apr 114, May 86, June 102, July 65, Aug 69, Sept 62, Oct 47, Nov 34, Dec 32
2009 Sales – Jan 52, Feb 90, Mar 129, Apr 117, May 117, Jun 176, Jul 188, Aug 189
Supply (number of months) Oct 16 ,Nov 23 , Dec 17. Jan’09 - 10, Feb 6, Mar 3.3, Apr 3.6, May 3.5, Jun 2.4, Jul 2.3, Aug 2.3
2008 Average Days on Market - May 32, Jun 32, Jul 39, Aug 46 , Sept 50, Oct 48, Nov 42, Dec 78
2009 Average Days on Market – Jan 56, Feb 49, Mar 51, Apr 49, May49 , June 32, Jul 30, Aug 25
2008 Average Selling Price - Dec $425,715 , Nov $435,088, Oct $411,768, Sept $379,000, Aug $408,824, Jul $460,017 Mar $450,048, Feb $424,838
2009 Average Selling Price – Jan $413,171, Feb $371,831, Mar $404,040, Apr $391,929, May $391,929, Jun $421,392, Jul 439,124, Aug $432,000
2008Average Sale Price $ pr sq ft - Dec $553, Nov $567, Oct $562, Sept $565, Feb $616, Mar $646
2009 Average Sale price $ pr sq ft – Jan 547, Feb 544, Mar $531, Apr $543, May $ , Jun $595, Jul $601, Aug $611
2008 List to Sale Price Ratio Dec 94% ,Nov 94%, Oct 95%, Sept 96%
2009 List to Sale Price Ratio Jan 95%, Feb 95%, Mar 96%, Apr 96%, May 97% , June 98%, Jul 98%, Aug 99%
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