Coal Harbour, Vancouver West Market Review – May 26, 2020
Property Profile:
$1.2M - $1.8M
Date:
Nov 26’19 – May 26’20 – Last 6 months
As of May 26, 2020
- 14 for sale – Median asking price $1.589M ($1,313/sq ft)
- 10 sold – Median sold price $1.497M ($1,316/sq ft)
- 26 expired/cancelled. Median asking price $1.499M ($1,380/sq ft)
This data tells us that there is approx. 8.5 months of inventory on the market, and the competitive 'sweet spot' for Sellers is in the $1,300/sq ft range. There is 40 properties that currently failed or trying to sell vs 10 that have sold. 40:10 = 4.0 ratio. It’s a competitive marketplace for Sellers in Coal Harbour.
Date:
March 26’20 – May 26’20 – Last 60 days
In efforts to keep some independence from COVID-19 market conditions from previous real estate stats. I feel it is unfair and inaccurate comparison to only use pre and current COVID-19 stats.
As of May 26, 2020
- 14 for sale – Median asking price $1.589M ($1,313/sq ft)
- 2 sold – Median selling price $1.657M ($1,323/sq ft)
- 1 expired - $1.629M ($1,310/sq ft)
What we are seeing is that the there still is sales happening in Coal Harbour! Rather than selling at 1.6/month as per the last 6 months, sales decreased to 1/month; as expected.
Date:
Nov 26’18 – May 26’19 – Same period 1 yr ago (Last 6 months)
As of May 26, 2019
- 11 for sale – Median asking price $1.345M ($1.150M)
- 7 Sold – Median sold price $1.300M ($1,325/sq ft)
- 32 expired/cancelled. Median asking price $1.398M ($1,318/sq ft)
This data tells us that there was nearly 9.5 months of inventory, and that prices have dropped only slightly from a year ago. There was 43 properties that failed to sell or that did not sell. 43:7 = 6.14 ratio.
Due to the current ratio of inventory-to-sales combined with the lower failed to sell totals; current market conditions in 2020 look to be more promising for Sellers in Coal Harbour as there is less competition and more sales. Additionally it was a better time to buy in Coal Harbour a year ago than it is now.
#coalharbour is a neighbourhood in #downtown #Vancouver bordering the renowned #StanleyPark and overlooks #Burrard Inlet and Coastal Mountains range.