The median listing price of a single-family home, as of September 7, is only $200 shy of the $2 million mark, our weekly #REWCAP look at market data has found.
Of the 5,466 detached houses listed across the Real Estate Board of Greater Vancouver’s territory, the centremost price is $1,999,800 – considerably higher than the board’s benchmark price of $1,615,100, reveal in its latest monthly statistics. This is despite the median number of days on market for a Greater Vancouver detached home creeping slowly upward, now at 59 days.
Across the whole region, the current median listing price for a townhome, duplex or rowhome is $928K – slightly lower than last week.
For Greater Vancouver condos, the median listing price is very close to $700K – and in the City of Vancouver itself, that mid-price starts to flirt with the $1 million mark, currently at $949,450.
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Just 753 new listings came on to the Multiple Listing Service during the week of August 28 to September 3. This is extremely low but unsurprising given that week ended in the Labour Day long weekend, which is not an advisable weekend to hold an open house. Usually listings start to come on stream again in the second week in September.
The total number of Greater Vancovuer homes available for sale as of September 7 is 8,912.
The board reported that, for all property types, the sales-to-active listings ratio as of the end of August 2017 is 34.6 per cent, which is a seller’s market. However, broken down by property type, the ratio is 16.3% for detached homes – a buyer’s market – compared with 44.8% for townhomes and 76.3% for condominiums – both strong seller’s markets, especially condos.
The three properties described in last week’s #REWCAP – a lavish Shaughnessy estate, a Point Grey waterfront half-duplex and a luxury Yaletown condo – remain the top-priced listed detached home, townhouse and condo respectively.