Condo Sales Fall Again, Inventory Levels Remain Critically Low
The Vancouver condo market remains quite hot. Sales continue to fall, following a similar trend to (December Condo Report December 2016) however, because inventory is still at historically low levels buyers are still stuck competing for the few condos available. This is causing some multiple offer situations which can lead to price increases.
Sales
Here’s a five year history of Vancouver condo sales for the month of January. [table id=32 /] Vancouver condo sales fell across the board from one year earlier. Using a larger data set, Vancouver west condos fell 30% year over year. Condo sales were also 7% below the 10 year average for January.
Average Days On Market
Vancouver West- 33 days Downtown- 40 days Yaletown- 23 days West End- 23 days Kitsilano- 29 days False Creek- 35 days
Inventory Levels
Months of inventory indicates how many months of inventory we currently have given the pace of sales and new listing hitting the market. It’s generally a helpful indicator to gauge supply and demand.
Vancouver Condo Prices
As per the MLS benchmark Vancouver condo prices are down 5% from the peak in June. This is something I have been talking about for the past few months and it appears the benchmark has finally caught up. However, as you can see in the average price per square foot, it appears prices have rebounded a bit. From my perspective it looks like condos have gained some ground recently amidst multiple offers resurfacing a bit this month. Hard to put a finger on the exact number as it’s almost a case by case basis.