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maggie chandler

vancouver luxury condo sales remain steady in october

Vancouver luxury condo sales remained steady in October, with a total of 9 sales over $2 million.

The average days on the market was 122 (up from 97 in Q3). List price to sales price ratio was 92% (up from 91% in Q3) and the average sold price was $1286 psf (up from $1250psf in Q3). The least expensive sold for $1026psf and the most expensive sold for $1623psf.

There were 5 sales between $2 and $3M. 3 sales between $3 and $4M and one sale over $4M. The most expensive was $4.3M which was on Coal Harbour's waterfront Two Harbour Green, which had 2 sales on the n.w. corner, 5 floors apart and an additional $81,000 pr floor. The condo which sold for $4.3M broke a new price for the waterfront ($1612psf).

The 4 solds over $3M are consistent with the stats of 12 sales over $3M in Q3.

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vancouver"s shangri-la condo

Now that the investors have flipped their Vancouver Shangri-la condos, the prices are rising.

The building just achieved a sale price of over $1500psf. The same suite sold, eight floors higher, in June at $1235 psf. Currently there are only three suites for sale in the Estates at Shangri-la, including my lisitng on 53rd floor, which is a unique (one of only 3) double height 3 bedroom 4500 sqft

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Vancouver real estate analysis for kitsilano

Listings at a record low for the year and sales at a record high. Kits condo supply dropped from 2 months in Sept to 1.6 months in October. Vancouver real estate market analysis for Kitsilano condos saw October listings flat at 80. Sales increased 25% to 50, the highest for the last 22 months, tied with July which is the highest for the year, and three times as many as October'08. The average sale price dipped to $474,000 but is higher than a year ago. Average $psf for solds $584. Average Days on the market for sold condos up slightly to 18. The last quarter have had the lowest DOM for the year. List price to sale price ratio back to 100%. A whopping 75% sold at or above list price, indicating many buyers still looking to buy. October saw 65% of the sales under $500,000. Only 5 listings didn't sell or were cancelled, up from 2 in Sept and 6 in August. Only one of the expireds was relisted. Market needs some more listings.

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Greater Vancouver Real estate Graphs

The October graphs for Greater Vancouver real estate show the average price of Greater Vancouver homes, townhomes and condos are nearly back to the top, having regained what they lost last year. Prices have been rising since March. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present. The Vancouver market peaked in 1981, 1989,1993 and 2008. Vancouver real estate didn’t appreciate much between 1994 and 2002 but they did between 2002 and 2008 and are now testing the highs of 2008. Following are the stats for Vancouver West Side Listings decreased from September but sales were up and the highest since June. Normally the market will ease up going into Christmas, we shall see if that happens this year.

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Vancouver Real Estate Graphs

Above are the October Vancouver (west side) real estate graphs for houses, townhouses and condos. All Prices UP!

Median and average sold price for houses, townhouses and condos were up in October, compared to September and all were higher than a year.

Condo listings just under 1500 where they were in May( 2500 a year ago). The monthly new listings increased the most for the year. 833 new listings in october, vs 798 in Sept. Monthly solds increased to 529 from 477 in Sept. For the year, the busiest price range is $350,000 to $450,000 . Year to Date over $1 Million saw 251 sales in Vancouver West Side (up from 30 for the first quarter). Total of 4,374 sales for the year, vs 3,246 in 2008.

Townhouse listings are down to 175 (nearly 500 a year ago). The new listings for the month dropped to 94, from 136 in Sept. Sales were 78 for the month, vs 81 in Sept. Busiest price range is $600,000 to $650,000. 223 Sales over $1M. Total of 782 sales for the year vs 470 last year.

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