Downtown condo market ends year with rising prices as inventory and sales decline

Vancouver’s downtown condo and townhouse real estate market in December continued to see an increase in benchmark sale prices with a 1% rise, inventory decreased significantly by 30%, and sales decreased by 21 % when compared to November. Inventory and sales historically trend downwards during in these months.

Current trends put the downtown, Westend, and Yaletown markets in “Seller’s” market conditions while Coal Harbour remained in a “Balanced” market.

How do we know? List to Sales Ratio!

A buyer’s market has a 0-12% list to sales ratio
A balanced market has a 12-20% list to sales ratio
A seller’s market has a 21% or greater list to sales ratio

What does it mean?

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Neighbourhood Breakdown For December

Downtown 40% with 140 listings and 56 sales
Westend 29% with 105 listings and 30 sales
Yaletown 37% with 108 listings and 40 sales
Coal Harbour 15% with 85 listings and 13 sales

The BIGGER picture

The overall list to sales ratio for ALL of Vancouver downtown was 32% in December.

Here’s the breakdown for Vancouver Downtown condos and townhomes in December:

  • The most active price range was for homes between $500K to $800K (74% sales to list ratio)
  • Homes are selling on average at 1% below list price
  • Buyer’s Best Bet: Homes between $1.75M to $2M+, Coal Harbour, and 3 bedroom properties
  • Seller’s Best Bet: Selling Homes in Downtown neighbourhood and up to 1 bedroom properties. 

NEW! Check out our average live price updates by neighbourhoods on our downtown website here.

Thinking of buying or selling a downtown condo? We're here to help! Contact us to find out why we sell the most.

All stats derived from Dean Wegman & SnapStats.