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.
Vancouver real estate in the West End saw October listings down and sales flat, resulting in 2.6 months of inventory, same as September. The days on the market for condos that sold increased from 39 to 47. The average selling price dropped to $616,000 due to fewer condos selling over $1M. 75% of the sales remain under $500,000. The list price to sale price ratio flat at 98% and the highest for the year. In February the market under $300,000 was selling the best -currently only 15% of the sales which have been dropping since their peak in May. Affordability factor kicking in?
Listings - 157. 12 listed under $300,000 (including 1 under $200,000). 25 listed between $300,000 and $400,000. 20 listed between $400,000 and $500,000. 55 listed between $500,000 and $1M. 38 listed between $1M & $2M. 7 listed over $2M
Least expensive -$198,00 for a leasehold one bedroom
Most expensive - $5,888,000 for 4500 sq-ft in Shangri-la. View it
Vancouver, BC - November 13, 2009. The British Columbia Real Estate Association (BCREA) released its Fall 2009 Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are estimated to increase 20 per cent to 82,900 units this year from 68,923 units in 2008. Residential sales in 2010 are forecast to increase a further 8 per cent to 89,600 units. The ten-year average is 82,800 units.
The implementation of the HST on July l, 2010 will increase the cost of new housing.
Currently selling in the Olympic Village neighbourhood are Maynards Block, Pinnacleliving. In Kitsilano, on West Broadway where the IGA parking lot has been forever will now be a new condo tower. Mantra on 4th Ave is completed and still has suites for sale. Then there's Spruce on Spruce and W. Broadway in Fairview, starting in the mid $300s. Koi townhomes on Oak and 8th
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Vancouver real estate analysis for Coal Harbour in October saw sales and listings increase, compared to September. Days on market up slightly to 68, a tad higher than a year ago. Coal Harbour inventory dropped slightly to 4.6 months and has been in this range since April. Luxury sales over $2 million are on the upswing pushing up the average sale price to $1,191,800 (higher than a year ago) and average $ pr sq ft up to $848. List price to sale price ratio stable at 95%. No more than 5 months of inventory in any price range, including over $2M. However, as Fairmont Estates close in January we expect to see a number of flippers. New condos on Coal Harbour's waterfront now listed over $2000 psf, resales now at $1600 psf. Fairmont and Three Harbour Green are the last remaining new waterfront buildings. Waterfront condos are becoming ever more expensive.
Listings -139. 33 listed under $500,000. 43 listed between $500,000 and $1M. 31 listed between $1M and $2M and 32 listed over $2M, including 9 over $5M, expect to see this number rise as Fairmont completes and the flippers hit the market.
55% are listed over $1M, up from 45% in October.
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Vancouver condominium specialist. Waterfront neighbourhoods of Coal Harbour, Kitsilano, Downtown, False Creek North, Coopers Landing, West End & Olympic Village. Marketing Vancouver since 1981. A bou
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