The median listing price of a detached house in the city of Vancouver is now a staggering $3 million, as of September 21, an analysis of Multiple Listing Service® data reveals.
This breaks down as $1,998,000 as the median asking price of the 765 single-family homes listed in Vancouver East (East Van and Downtown East) and a jaw-dropping $4,580,000 among the 807 houses listed in Vancouver West (West Side, Downtown West and West End).
The figures give credence to an interactive map that received considerable media attention last week, which shows users how large a household income they would need to afford a detached Vancouver house if they had a 20 per cent down payment.
However, the median selling price of a detached Vancouver home, sold between September 4 and 10 and registered by September 21, is a third less than the median listing price, at just over $2 million. The discrepancy partly lies in detached home sellers no longer expecting to receive over-asking bids, and partly in clusters of high-priced homes that sit on the market for longer than others, dragging up the median listing price compared with the sale price – among other lesser factors.
During this back-to-school week, it may be that selling agents were distracted from registering their sales, or there may have simply been fewer to register. There were 18 detached home sales in Vancouver in the post-Labour Day week of September 4-10 (registered by September 21) – notably lower than the 25 of the previous week. Townhouse, row home and other attached units totalled 10 sales and condo sales were just 73, from 97 the week before.
The median sale price of a townhome or similar attached unit was $1,103,000, more than $50K more than the previous week. And condos also kept up their meteoric price rises, with the median sale price the same week some $45,000 above the previous week, at $750,000.
Total listings in all three property categories increased from the previous week – no doubt because of sellers eager to cash in on the (supposedly) hotter fall market. Whether September turns out to be hotter than our impressive August for real estate sales remains to be seen.
For more Vancouver real estate news go to REW.ca/news.
