Over the past year, we have continued to see condo prices in False Creek dip with the average Condo price hitting $989,087 relative to prices across the Lower Mainland averaging out at $1,007,514. Sales activity picked up over the summer months and we may see prices start balancing out in those areas closest to the Downtown Vancouver core as transactions continue on an upward trajectory.
From June to July 2018, the total amount of inventory across all price points dropped from 107 to 84 which is customary as we edge closer to the peak of the summer. That said, sales picked up 55% from June to July from 15 to 31 recorded sales over this period of time. I anticipate as the gap between condos and single family product continues to shrink and we will see strong sales activity into the Fall. That said, Buyer’s are still ultimately concerned with value and will pay only what they think is the true market value of product.
If you want to learn more, feel free to contact us. We are available for a coffee!
Shannon McNulty – Personal Real Estate Corporation
Stilhavn Real Estate Services
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