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There was plenty of sizzle left in Vancouver’s summer condo real estate market in August. Of the 653 units that sold that month, sales were predominately on the city’s west side (where most of the inventory was). While the 526 sales there were down 8.4 per cent from the previous month, that number was 43 per cent higher than August 2014. Action was slower moving east; sales on that side of the city were down 27 per cent over July but still up 18 per cent compared with August 2014.
Of the 87 sales between August 22 and September 4, most of the inventory appears to have been priced right with 70 per cent of sellers accepting offers at or below their asking price. The highest price paid during that time period was $4.69 million for a two-bedroom, five-year-old condo in Yaletown that was on the market for 107 days. The purchaser picked up that particular property for $300,000 under asking. At the other end of the spectrum, the lowest price paid was for a brand new studio in the East Hastings community which went for its asking price of $269,000. The number of days it was on the market? Three.
East Hastings is quickly becoming the “it” neighbourhood for purchasers wanting to find an affordable home within Vancouver’s borders. There were 23 active listings here at press time, with an average list price of $325,000. The average price per square foot in this neighbourhood was $472, considerably less than Vancouver’s overall price of $881 per square foot.
Yaletown continues to offer plenty of choice for those searching at the higher end of the market. There were just over 100 active listings here as of September 4, including Vancouver’s highest price condo: a brand new three-bedroom home that had been on the market for 11 days and listed for $9,488,800. The average asking price for this always popular neighbourhood isn’t nearly so high and comes in at $1.3 million. The most affordable home in Yaletown? A one-bedroom, 18-year-old condo listed at $289,000 had been on the market 39 days at press time.
Buyers looking for extra-large condos could check out five listings that were in the range of 5,000 square feet. These homes were in the Yaletown, Coal Harbour and Downtown neighbourhoods with asking prices between $4.89 million and $8.98 million. With three or four bedrooms each, their monthly strata management fees ranged from just over $2,000 to just under $3,000 and undoubtedly include many luxurious amenities.
Vancouver Condo Market Snapshot
