September 12th, 2017

Vancouver Courier

Vancouver home sales surprisingly hot in August


By Joannah Connolly

In an August that turned out to be much busier for Greater Vancouver homes sales than anyone had anticipated, transactions in Vancouver proper during the last full week of the month remained robust, despite back-to-school distractions.

There were slightly fewer detached home sales within the city limits during Aug. 21-27 (registered as of Sept. 7) compared with the week before, but this was largely offset by a rise in condo sales. Townhomes, row homes and duplexes – always a small fragment of the Vancouver market – totalled just nine sales, the same as the previous week.

With overall sales activity stronger than expected, and listings still very low, the market seemed to start snapping up properties more quickly. The median days on market for all property types declined for the first time this summer, having been climbing steadily for many weeks.

Median listing prices for detached homes on the market as of Sept. 7 increased slightly from the week before, now just $2 away from the $3 million mark. However, the median price of townhouses and other attached houses currently listed fell slightly to $1,399,450.

The median price of a listed Vancouver condo, having reached an astounding $977,000 last week, also fell somewhat to just below a still-high $950K as of Sept. 7. Between the two Vancouver MLS regions of Vancouver West (West Side, Downtown West and West End) and Vancouver East (East Vancouver and Downtown East), this breaks down as $1,088,000 in Vancouver West (same as the previous week) and slightly lower than last week at $633,950 in Vancouver East.

A brand-new, 2017-completed West Coast Contemporary-style detached house in Quilchena was the priciest Vancouver home sold Aug. 21-27, registered as of Sept. 7. It is on a large, elevated lot and has 5,336 square feet of ultra-modern living space, including five bedrooms, six bathrooms and lovely red oak flooring, staircase and cabinetry. This state-of-the-art home was snapped up for $6,418,000, which is $420K higher than the $5,998,000 list price, after nine days on the market.

The priciest townhouse, duplex or row home sale of that week was an unusual raised townhouse in Yaletown’s Marinaside area, with False Creek views, three outside spaces and a private entrance off the luxury building’s elevated courtyard. It sold for $2,950,000, $58K above asking, after being on the market for exactly a week.

Vancouver’s most expensive condo sale Aug. 21-27 was an ultra-luxury, 50th-floor unit in the controversial Trump Tower in Coal Harbour. This undeniably stunning home took 79 days to shift, selling for under its $3,928,000 listing price at $3,560,000.

 

Joannah Connolly is editor of REW.ca/news.

Original article: Vancouver Courier
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