Market shifts as more homes go for below or at list price than over, finds weekly #REWCAP stats analysis
The real estate market is shifting in the Real Estate Board of Greater Vancouver’s jurisdiction, if the latest home sale statistics are anything to go by.
Unlike the previous weeks and months, during the week of August 7-13, more homes were sold on or below asking price than went for over asking.
Just 96 of the 206 home sales that had been logged with the MLS® by August 16 went for over the list price – less than 46%, compared with nearly 57% the week before, and 62% four weeks ago.
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REWcap August 7
Detached homes were by far the least successful in attracting above-asking offers, with just 12 of 45 sales going for over asking, which is a mere 27%. Only one home went for exactly the sticker price, and 32 sales, or 71%, were for below list.
Condos fared a lot better, although even this sector’s performance last week was not as hot as recent weeks have been. Nearly 52% of condos achieved a sale price above asking, which was 65 out of the 126 condo sales registered at the time of writing. Nineteen condos exchanged hands for exactly the sticker price, and 42 sold below list.
Among the latter was the most expensive condo registered as sold between August 7 and 13, as of August 16. This super-cool, two-bedroom, designer loft in the heart of downtown Vancouver sold for $2,450,000, down from its $2,598,000 asking price, after 34 days on the market. This Homer Street beauty boasts double-height ceilings, a huge interior exposed-brick wall and a massive private rooftop deck with hot tub and outdoor kitchen.
Also enjoying gorgeous outdoor space was the priciest townhome to be sold in the same period (again, of those registered by August 16). This three-bedroom Fairview property with a private patio plus a master-suite sundeck sold for exactly its list price of $1,588,000 after 19 days.
The top-priced detached home sale in the Real Estate Board of Greater Vancouver area (which includes the Sunshine Coast and Sea-to-Sky region) during the same week was a Whistler property. This sale, at $3.9 million, down from the asking price of $4.25m, was for a huge, five-bedroom, log-and-stone mansion backing onto mountain parkland on one of Whistler’s most prestigious streets. This stunning property spent just 17 days on the market.
With the number of new listings rising, and total active listings also increasingly because of continued slow summer sales, there seems to be considerably more choice for buyers – and, perhaps, a little less desperation to put in the sky-high offers seen recently.
