Downtown Vancouver Condo Sales – September, 2011
The total condo sales for Downtown Vancouver in August 2011 totaled 317 was about 6% lower than the previous month sale of 337. With total listings just under 2000 units and with 3 months average sale around 332 homes, the supply of condos in Downtown Vancouver at 6.02 months of inventory is in balance.
However, when the supply of pre-sale new condos are added to the available resale 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 – as can be seen from the charts above. There is little pricing pressure to move condo prices higher or lower. The supply of pre-sale condos from new multi-family condo projects may put pressure on condo prices if sales drop substantially due to buyers holding back on their purchases. The HST that was to be abolished will not take effect for 18 to 24 months.
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 had fluctuated around the $500,000 mark for past 8 months. Last month the median price was at around $480,000. If the selling trend in Downtown Vancouver follow those in Richmond and Burnaby, a price decline of 5% or more can be expected.