The active listings for condos and apartments for Vancouver West in December at around 1,250 units against sales of 269 homes produced a moderate 4.65 months supply of condos. At current level of supply and demand, the condo market in Vancouver West is relatively stable and condo prices are not under pressure to go up.
The median price remained stable around the $450,000 level, while average price recovered to above $600,000. The continued decline in active listings from the height around 2,500 homes in June, 2010 helped to provide some stability to the market. At current pace of supply and demand, there is no strong selling or buying pressure to move condo prices up or down.
Buyer activities are relatively stable, and there are good selection of homes for buyers to choose from. When compared to sales activities over a 12 to 15 months period, sale volume was significantly lower. Both the average and median prices for Downtown Vancouver condo prices are hovering at comparable levels the past 7 months.
Seasonally, the winter months are expected to post lower sales. The current supply and demand for condos and apartments remain stable. Unless the supply of new listings increased dramatically, the current price stability for Downtown Vancouver condos can be expected to be maintained.