Downtown Vancouver Attached Property Market Update : July 5 - July 12
We have compiled sales and listings statistics for the period running
from July 5th through July 12th,
and released them in this easy to read format! If you have any further
questions or require more detail please get in touch with us.
New listing activity downtown remained marginally lower then annual averages to date as we witnessed 118 new attached listings in the downtown neighbourhoods (up slightly from the 104 new attached listings in the previous period). As a whole Vancouver West saw a slight pickup in attached listing supply; we witnessed 209 new attached listings across Vancouver West with the downtown neighbourhoods accounting for approximately 56% of overall new attached listing supply. The drop in supply has brought around a slight market surge for sellers (especially at the sub-$500,000 levels); with 1-bedroom and lower priced 2-bedroom units downtown being snapped up at a quicker rate (lower average days on the market). High-end luxury has also seen a marginal boost with units in the $2.5+ million mark showing some movement after being quite slow over the past 6 weeks; Coal Harbour posted a strong 10 attached sales this past week. Price point has remained firm through the recent supply saturations, and we look to be moving toward a greater degree of stability, though a slight market lull remains possible though nothing out of the ordinary for the relatively slower Summer months.
On the downtown sales side we saw confirmed transactions continue to post marginal gains this week as the drop in supply and firm price points have triggered buyer activity, especially at entry level price points. We saw 70 confirmed attached sales this past week (up slightly from the 63 confirmed sales in the previous period) with the downtown core posting the strongest figures with 33 attached sales; well the West End, Coal Harbour, and False Creek North all posted double digit sales figures. The downtown markets continued to move towards equilibrium this week with a sales to listing ratio of 70 confirmed sales to 118 new attached listings; giving us an approximate 59% saturation rate, an improvement of roughly 7% from the previous sales period.
If you're
interested in more specific building or neighbourhood sales
and listing information please get in touch with Susan at (604)970-3658.
Listing
versus Sales update for July 5 - July 12
209 new listings in the Vancouver West Region with 118 (56%)
falling in the downtown areas (including: West End, Downtown,
Coal
Harbour, and False
Creek North sub-areas).
New Listings Per Sub-Area:
- Downtown Core: 58 (49%)
- Coal Harbour: 15 (14%)
- West End: 23 (19%)
- False Creek North: 22 (18%)
TOTAL : 118 (56%)
122 total sales in the Vancouver West Region with 70 (57%) falling in the downtown areas.
Sales Per Sub-Area:
- Downtown Core: 33 (47%)
- West End: 15 (21%)
- Coal Harbour: 10 (15%)
- False Creek North: 12 (17%)
TOTAL : 70 (57%)
Due to the wide variety of
product available
downtown it remains important to look at micro-trending in your
building and neighbourhood when considering buying or selling; for more
detailed information please give Susan a call at (604)970-3658.
If
you
have any questions about specific figures or activity in your
neighbourhood please do not hesitate to give us a call! And remember to
visit www.susankeevil.com, www.vancouverrealtyonline.com,
and www.coalharbourscondos.com
for up to date statistics, new listings, and all relevant real estate
news!