Vancouver Olympic Village Condo Market February 2017
The first 6 weeks of 2017 for the Vancouver real estate market has been busy for condominiums and townhouses up to the 1.5 million dollar price point. Single family detached houses continue to have downward pressure on pricing and there is no sign of this changing as we look ahead to Spring. The number of Olympic Village and False Creek condos for sale on MLS has increased from 41 listings in December 2016 to 52 listings this February. This is a moderate increase in the number of listings and is expected as many property owners wait for the Christmas season holiday to pass before listing their property for sale. The Olympic Village condominium market is highly sought after by many buyers and investors as the community continues to grow in new development. The new development for Olympic Village will not be fully complete until 2021 which means in the coming years the community will continue to grow and improve with more parks, restaurants, cafes and community services. It is exciting to see such a prime location along False Creek grow into a vibrant community. I remember when there was so much doubt in 2011 and 2012 that this neighbourhood might be a ghost town. As I walk down the streets and along the seawall and canoe bridge it is easy to see that this will be one of Vancouver’s coveted neighbourhoods. Let’s have a look at where the listing and sales activity currently is for False Creek Olympic Village condos.
Olympic Village False Creek Condo Sales
Price Range |
Number of Sales for 2017 to Date |
$0 - $500,000 |
1 |
$500,001 - $750,000 |
5 |
$750,001 - $1,000,000 |
3 |
$1,000,001 - $1,500,000 |
4 |
$1,500,001 - $2,000,000 |
0 |
$2,000,001 - $3,000,000 |
0 |
$3,000,001 - $4,000,000 |
0 |
$4,000,001 - $5,000,000 |
0 |
$5,000,001 plus |
0 |
Total Sales January 1st to Date |
13 |
Olympic Village False Creek Condos for Sale
Currently Listed for Sale by Price Range |
Number of Listings |
$0 - $500,000 |
1 |
$500,001 - $750,000 |
14 |
$750,001 - $1,000,000 |
10 |
$1,000,001 - $1,500,000 |
5 |
$1,500,001 - $2,000,000 |
0 |
$2,000,001 - $3,000,000 |
3 |
$3,000,001 - $4,000,000 |
1 |
$4,000,000 - $5,000,000 |
1 |
$5,000,001 plus |
0 |
Total Listings to Date |
35 |
Summary
The current sales to listing ratio in Olympic Village False Creek condos is 37 percent which states that it is a seller’s market. It is a seller’s market yet buyers are price sensitive and are not in any hurry to buy. Listings that are not accurately priced or do not have professional marketing are being overlooked by buyers. I simply do not understand how new listings that come to the market are lacking professional photos and pertinent information. Over ninety percent of all buyers start their search online and I know that when a listing does not contain any photos within the first few days of hitting the market buyers simply ignore the new listing and click to the next.
For more specific market information on Olympic Village condos please contact me, I am always available to help.
Written by Don Urquhart Vancouver real estate since 1987 – Olympic Village Specialist