DT Vancouver Luxury Condo - State of the Market - $2.5M - $3.5M - Nov'24
Active sales activity and more supply are the key takeaways of the current $2.5M-$3.5M condo marketplace in DT Vancouver. 113 for sale vs 70 a year ago (39% increase).
Condos located 40+ storey, $2.5-$3.5M, saw 3 sales in the last 90 days. All high profile buildings; Median: selling price $2.55M ($1,745/SF), 1,560SF. This is a healthy sales volume.
Expanding the search to $2M - $3.5M added 5 more units for sale but No additional sales. This is very surprising as sales volumes are expected to increase, as prices decrease to the $2M mark.
Focusing on sales activity in buildings built between 2012 – 2019, $2.5M-$3.5M, reveal an increase from 1 to 3 from the same time last year. Median sales price of $2.8M ($1,634/SF). This is great improvement as the $/sf has increased by nearly 50%. Higher quality units are selling.
PH7 in the Garden Residences has finally sold. 4 years on market, it sold for $1.895M ($1,016/SF). 48th and 49th Active listings are priced well for #5006 to be on the market with. These 2 units are asking a premium price/sq ft and will not show as well as $5006. It is a great time to showcase this modern, updated luxury condo on the MLS market once again. Consumer confidence is as high as it has been for 2+ years. Lots of pent-up demand as $$ is beginning to flow at an increased rate.
Reference Stats
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Defining ‘Our’ Luxury Market
Downtown neighbourhoods: Coal Harbour, West End, Yaletown, Downtown
Price Range $2.5M - $3.5M – 113 Active for Sale (up from 70 - 20/11/23 – 39%)
Floor height – 40+ 3 Active ($1,640/sf - $1,912/sf, Median $1,745/sf). -
40+ level - $2.5-$3.5M
3 Active (-5). 1 (+1)1372 Seymour St (The Mark), 1 (same) Vancouver House, 1 (same) Garden Residences (Telus)
Median asking price $2.968M ($1,745/sf -down from ($1,928/sf) 10.4%
3 Sold (+3). (1)1151 Residences (Trump Tower – 141 days), (1)1289 Hornby St (One Burrard Pl – 132 days),(1) 1011 W Cordova (Fairmont Pac Rim - 177 days). $1,820/sf, $2.55M, 1,560sf
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40+ level - $2.0-$3.5M (Gives us more data, sales comparables)
10 Active (+1). 0 Sold last 90 days. This sales # is usually quite higher. Little worrisome that there is not more sales volume at this lower price point/range. Good news is all sales were $2.5M+
- Age – Built 2012 to 2019, $2.5M - $3.5M, last 90 days, Median prices (all floor levels)
Active – 14 (+12). $1,693 ( from $1,888/sf.) – 11.5%
Sold – 3 (+2) 1,618 SF, $2.8M ($1,634/SF). Nearly 50% higher selling $/sf. From a year ago
- Garden Residences - 777 Richards St - $2M+, 1 Sold, 3 For Sale
SOLD #PH7 – 1,865SF, 2br. $1.895M/$1,016. (4yrs on market)
ACTIVE #4805 - $1,142SF, 3br. $2.4M ($2,101/sf)
ACTIVE #4906 – 1,535SF, 2BR, $2.68M/$1,745SF
ACTIVE #PH6 – 2,358SF, 3BR, $3.68M/1,560SF
Watch for the BEST in value in DT Vancouver condo, soon to be back on the market. Take a look now!