Gastown Year End Summary
2024
(Market pricing info below)
In September I wrote that we were trending to have less than 100 transactions in Gastown by year end. Total sales in the neighborhood at time of writing is 90, making it the slowest year in Gastown real estate in about 10 years. More listings than any year previously(sort of..more on that below), and less transactions.
Indeed it was a difficult year for sellers who’s listings sat on market for longer than usual, and an interesting time for buyers who had a large build up of inventory to choose from, but were hesitant to pull the trigger due to high rates and uncertainty with the future of the neighborhood.
For perspective:
The numbers don’t lie, or do they?
It has been a slow year, but a 22% listings to sales ratio is abysmal, that didn’t sit right with me so I took a deeper dive into the data, here’s what I found:
149 of the 403 listings in Gastown are duplicates. Meaning re-lists or price adjustments. This accounts for 37% of total listings for the entire year. A typical year will see ~85-100 re-lists.
Other neighborhoods like downtown core and yaletown also had a small increase in the # of re-lists but were still on par for their historic averages.
In fact, only 254 unique properties listed in Gastown this year. Still a high number, but not the record breaking number the surface data would lead us to believe. I’ve seen some properties on market this year re-listed 5+ times. This is classic price discovery and there’s really only 3 reasons for it:
Unrealistic expectations of the seller
A fast moving market
Listing agents unfamiliar with the local market/product list too high(or sometimes too low) and work their way towards market value.
The market was slow AF, so that only leaves the other two.
The numbers
1 Bed
Avg Sold Price: $588,000
Avg $/Sqft: $909/sqft
Avg Days on Market: 36
2 Bed
Avg Sold Price: $927,000
Avg $/Sqft: $987/sqft
Avg Days on Market: 35
Building Addresses for reference:
60 West - 66 West Cordova
Abbot place - 233 Abbott
Alexis & Alexander - 27 Alexander
Bowman Lofts - 528 Beatty
Carrall Station - 1 E Cordova
Garage - 12 Water St
Ingastown - 150 E Cordova
Koret - 55 E Cordova
Paris Block/Annex - 53 W Hastings
Sequel 138 - 138 E Hastings
Studio 518 - 518 Beatty
Smart - 168 Powell
Terminus - 36 Water
The Edge - 289 Alexander
Van Horne - 22 E Cordova
W32 - 108 W Cordova
W43 - 128 W Cordova
The Gastown Real Estate Guy
Jeremy Omand
Vice President: Gastown Residents Association
Advisor: Gastown Community Policing Centre
Jeremy@augustallan.com
Ig: @jeremyomand
X: @jeremyomand1
