Condo & townhouse sales plummet in April but prices hold as inventory remains low

Vancouver’s downtown condo and townhouse real estate market in April saw sales plummet as people continue to social distance due to the COVID 19 crisis. In April the inventory downtown decreased by 6%, sales decreased by 56%, and sale prices dropped minimally by 1% when compared to March. 

vancouver downtown condo real estate

Current trends have the downtown, West End, and Yaletown neighbourhoods in “Balanced” market conditions, while Coal Harbour is in a “Buyer’s” market. The demand and sales we are seeing tends to be primarily for condos and townhomes priced under $700K.

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 April

Downtown 13% with 215 listings and 29 sales
Westend 14% with 123 listings and 17 sales
Yaletown 15% with 164 listings and 15 sales
Coal Harbour 5% with 93 listings and 5 sales

The BIGGER picture

The overall list to sales ratio for ALL of Vancouver downtown was 13% in April (up from 27% in March).

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

The most active price range was for homes between $400K to $500K (38% sales to list ratio)
Homes are selling on average at 3% below list price
Buyer’s Best Bet: Homes between $1.75mil to $2M, Coal Harbour and up to 3 bedroom properties
Seller’s Best Bet: Selling Homes in Downtown, Westend, Yaletown, neighbourhood and up to 1 bedroom properties.

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.