Vancouver’s downtown condo and townhouse real estate market saw a 34% decrease in condo sales, an inventory decrease of 27%, and a decrease in sale prices of 7% in December compared to November. Current trends put the downtown, Yaletown, and West End markets in a “balanced” market. Coal Harbour saw the least demand in December and is in a “Buyer’s” market.
How do we know? List to Sales Ratio
- A buyer’s market has a 0-12% list to sales ratio
- A balanced market has a 12-20% list to sales ratio
- A seller’s market has a 21% or greater list to sales ratio
- Downtown 15% with 234 listings and 34 sales
- Westend 13% with 105 listings and 14 sales
- Yaletown 14% with 174 listings and 24 sales
- Coal Harbour 7% with 73 listings and 5 sales
The BIGGER picture
The overall list to sales ratio for all of Vancouver downtown was 13% in December, down from 15% in November.
Here’s the breakdown for Vancouver Downtown condos and townhomes in December:
- The most active price range was for homes between $600k-$700K (26% sales to list ratio)
- Homes are selling on average at 6% below list price
- Buyer’s Best Bet: Homes between $900K to $1M, Coal Harbour and 3 bedroom properties
- Seller’s Best Bet: Selling Homes Downtown and up to 1 bedroom properties.
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All stats derived from Dean Wegman & SnapStats.