Downtown sees slight dip in benchmark prices despite increased sales February

Vancouver’s downtown condo and townhouse real estate market in February experienced a slight decrease in benchmark sale prices with a 3% drop, inventory increased significantly by 8%, and sales increased by 39 % when compared to January.

Current trends put the downtown, Westend, and Yaletown markets in “Seller’s” market conditions while Coal Harbour remained in a “Buyers” 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

What does it mean?

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Neighbourhood Breakdown For February

Downtown 34% with 182 listings and 62 sales
Westend 24% with 129 listings and 31 sales
Yaletown 29% with 153 listings and 44 sales
Coal Harbour 7% with 107 listings and 8 sales

The BIGGER picture

The overall list to sales ratio for ALL of Vancouver downtown was 25% in February. 

Here’s the breakdown for Vancouver Downtown condos and townhomes in February:

The most active price range was for homes between $600K to $700K (66% sales to list ratio)
Homes are selling on average at 100% of list price
Buyer’s Best Bet: Homes between $2.75M to $3M+, Coal Harbour, and 3 bedroom properties
Seller’s Best Bet: Selling Homes in Downtown neighbourhood and up to 1 bedroom properties.

NEW! Check out our average live price updates by neighbourhoods here.

Thinking of buying or selling a downtown condo? We're here to help! Contact us to find out why we sell the most.

All stats derived from Dean Wegman & SnapStats.