Downtown Vancouver Condo Sales – November, 2011
The total condo sales for Downtown Vancouver in November 2011 totaled 360 was about 10% higher than the previous month sale of 327. With total listings just under 1650 units and with 3 months average sale around 335 homes, the supply of condos in Downtown Vancouver at 4.90 months of inventory helped to swing the market to a slightly more favourable market to sellers compared with the past 2 months.
When the supply of new condos from housing developers are added to the available resale condos market, condo buyers do have fairly good selection of homes to choose from. The median condo price the past 3 months are easing and trending lower, but just slightly.
However, the average condo price for last month registered a significant drop from $620,000 range the past 11 months to around $580,000. This is quite significant as this is the first time in 2011 that the average condo price has come down below $600,000.
Market Outlook for Condos in Downtown Vancouver
Buyer activities are relatively stable in Downtown Vancouver. There are a good selection of homes for sale in the market. The median price for downtown Vancouver condos had come down below $500,000 mark for 3 months now. The market showed some signs of easing, although the supply and demand ratio is in reasonable balance. Elsewhere, condo prices are easing. The average condo price in downtown may ease further as more sellers may want to sell their units due to much weaker market outlooks for the major economies around the world. You can view condos for sale in Downtown Vancouver using the link here.