Vancouver Real Estate Analysis for Downtown
November 20th, 2009 Categories: Downtown, Real Estate
Vancouver’s Downtown condo market saw listings and sales up in October, with the market under $700,000 selling the best. The average selling price jumped to $519,000 and the average $psf down a tad to $610. Monthly sales were the second highest for the year and higher than any month in 2008. Listings back to the Jan/Feb level. Condos that “expired” and didn’t sell dropped from 53 to 33 (vs. 78 in Jan) and only 5 got relisted. Average days on the market for condos that sold steady at 32. 68% of the sales were under $500,000 (down from 80% in August) and sales increased over $1M. The supply is down to 3 months vs.16 months last October. List price to sales price ratio flat at 98%. Vancouver’s downtown market remains strong.
Listings -543. Least expensive $220000 for a small studio. Most expensive -$6.6M for 3500 sqft in Residences on Georgia Sub-Penthouse.
Listings Inventory - 20 listings Downtown under $300,000. 112 between $300K and $400K. 134 listings between $400K and $500K. 160 condos listed between $500K and $700K. 64 listed between $700,000 and $1M. 53 listed over $1M, including 4 over $3M.
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, Sept 529, Oct 543
Sales - 178. 10 sold under $300,000. 56 sold between $300,000 and $400,000. 56 sales between $400,000 and $500,000. 38 sold between $500,000 and $700,000 and 10 sold between $700,000 & $1M. 8 sales over $1 million, including 2 over $2M.
Most expensive - Pre-sale at Artemisia, 2500 sf Penthouse selling $1260 psf
Least expensive - $209,000 for a 680 sf l bedroom foreclosure at 789 Drake
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, Sept 149, Oct 178
Supply (number of months) 2008 – 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, Sept 3.5, Oct 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, Sept 32, Oct 32
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, Sept $490,000, Oct $519,483
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, Jun $595, Jul $601, Aug $611, Sept 618, Oct $610
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%, Sept 98%, Oct 98%
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