Downtown Vancouver Condo Sales – April, 2011
The total condo sales for Downtown Vancouver in April 2011 totaled 451 was 22% lower than the previous month sale of 581. With total listings at just over 1,750 units and with 3 months average sale around 479 homes, the supply of condos in Downtown Vancouver is at 3.65 months of inventory.
When pre-sale new condos are added to the availability of condos for sale, condo buyers do have a healthy inventory of condos to choose from. The supply of new condos from condo projects under construction helps to keep condo prices from going up significantly.
Market Outlook for Condos in Downtown Vancouver
Buyer activities are relatively stable in Downtown Vancouver, and there are a good selection of homes for sale in the market. The median price at around $485,000 level has been maintained for about 3 months.
The average downtown condo price currently at around $640,000 mark is within a narrow price band between $630,000 to $650,000 the past 4 months. The drop in condo sales for April can be attributed to more buyers rushed to make their purchases in March to beat the end of the 35-year mortgage dead effective April, 2011.
The current supply of Downtown Vancouver condos is at about 70% during the peak supply at around 2,500 units in June 2010. 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.