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Real Estate Trends

Median Detached Home List Price Nears $2m Mark

Despite rising days on market, Greater Vancouver sellers remain optimistic, #REWCAP data reveals
By Joannah Connolly Sep 7, 2017

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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REWCap Sept 7

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.

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.
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