The total condo sales for Downtown Vancouver in February 2011 totaled 404 was 78% higher than the previous month sale of 226. With total listings just over $1,500 units and sales around 404 for the month, the supply of condos in Downtown Vancouver is at 3.71 months of inventory. The current level of supply and demand for Downtown Vancouver condo is relatively stable.
The median price at around $485,000 is just a little higher than the previous month’s price around $480,000. The average price remained above the $600,000 mark. Current active listings at around 1,500 homes is just around 60% recorded during the height of 2,500 homes listed for sale in June, 2010. Although sales volume improved significantly this month, the sales increase could be attributed to the start of the spring season which traditionally experienced more sales activities. As for now, there is no strong buying pressure to move condo prices up.
Buyer activities are relatively stable in Downtown Vancouver, and there are a good selection of homes for sale in the market. The average selling price in February eased back to around $620,000 from the $645,000 level. The median price appeared to have recover from lower price levels in November and December, 2010 and it is now at around the previous height recorded in February 2010.
The current supply and demand for Downtown Vancouver condos are relatively stable. Unless the supply of new listings increased dramatically, or a huge jump in interest rates, the condo market in Downtown Vancouver can be expected to remain positive.