Yaletown 1-bedroom condo sales are down year-over-year and month-over-month. Even though there have been fewer sales, this year has had little affect on sale prices: looking at price-per-square, we see that 1-bedroom condo prices have little change for the month of May year-over-year. However, the average and median overall price of 1-bedroom condos has increased year-over-year and month-over-month due to the fact that 1-bedroom condos being sold this year tend to be larger than those sold in May of last year. In fact, the 1-bedroom condos sold in May 2012 had an average size of 685 square feet, whereas those sold in May 2011 averaged 672 square feet
As for 2-bedroom condos, both average and median prices and price-per-square foot has increased substantially year-over-year for the month of May. However, although prices rose, the number of new listings rose dramatically, which may be of some concern if there becomes a glut of 2-bedroom condos on the market.
TAKEAWAY MESSAGE:
- Market conditions and particularly interest rates appear to be similar to last year’s conditions. Interest rates have remained unchanged and are predicted to remain unchanged for the year. Barring any global financial crisis, this year’s downtown sale prices may follow last year’s trends (as indicated by the chart above).
- Buyers: keep your eyes open for condos priced for quick sale. You can sign up for automatic updates of new listings from a realtor to help you. If you don’t have a realtor, contact Kent.
