How is the Luxury Vancouver Condo Market?

September 27th, 2009 Categories: Real Estate

Vancouver’s luxury condo market has been slow to get going this year. Since April the sales have increased but the average $ pr sq ft remains the same, it takes longer to sell these luxury condos than it did at the beginning of the year and the list price to sale price ratio has not improved, however, there are more sales over $3 million.

The first quarter of 2009 saw only 7 condo sales above $2M and only 2 sold over $3 million. Average days on the market was 66. List price to sale price ratio was 88% and the average sale price pr sq ft was $1,239.

The second quarter saw 20 sales, with only 3 selling over $3M and the most expensive was $5M on the Coal Harbour waterfront. Average days on market was 105. List price to sale price ratio was 89% and the average sale price pr sq ft was $1,111.

The third quarter also saw 21 sales with 10 above $3M and the most expensive was $6.5M in coal harbour. Average days on market was 90. List price to sale price ratio was 90% and the average sale price pr sq ft was $1,259. The average size of those that sold is 2500 sq.ft.

In 2008 there were 44 sales til end of September and 3 for the last quarter. In 2007 there were 62 sales for the year and in 2006 there were 41. So 2009 is doing very well!

Currently 87 condos listed over $2 million, with 48 sales this year that leaves only a 2 month supply. 34 of these are listed over $3 million and only 10 listed over $5 million. Most expensive is Shaw Tower Penthouse $13,800,000.

It is interesting to note that there have been 49 condos that did not sell and came off the market. Of those, 26 were re-listed, indicating there are still sellers in this price range who have been unsuccessful in selling their condo and will no doubt be re-listing again, probably after the 2010 Olympics

Overall, a good time to be selling your luxury Vancouver condo if you are realistic with the list price. View my marketing plan.

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when you’re ready to buy or sell your luxury condo, contact maggie, an experienced realtor marketing vancouver homes since 1981

This entry was posted on Sunday, September 27th, 2009 at 9:26 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.