Downtown Vancouver Condo Sales – July, 2011
The total condo sales for Downtown Vancouver in July 2011 totaled 341 was 9% lower than the previous month sale of 374. With total listings holding steady at around 1950 units and with 3 months average sale around 385 homes, the supply of condos in Downtown Vancouver is at 5.06 months of inventory.
When the supply of pre-sale new condos are added to the available condos for sale, home buyers do have fairly good selection of homes to choose from. Downtown Vancouver Condo prices at this time are fairly stable, with little pricing pressure to move condo prices higher or lower. The listings and sales graph together with the average and median pricing charts above help to show that condo prices in downtown Vancouver are stable. The supply of pre-sale condos from new multi-family condo projects helps to maintain a fairly good balance between supply and demand 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 just under $500,000 level has been maintained for the past 8 months.
The average downtown condo price had been maintained between $600,000 to $650,000 the past 6 months.
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 stable.