Skip to content
Join our Newsletter

Detached home sales soften as condo prices rocket

Whole of West Side saw just three single-family home sales this past week

There were just three detached home sales on the entire West Side of Vancouver from July 6 to 13 – and only another eight sold on the East Side, latest market data reveals.

Only the three West Side homes sold for above $2 million, with all eight of the East Side properties going for between $1.31 and $1.78 million.

The most expensive home to sell in Vancouver last week was the $9 million sale of a detached house on Newton Wynd at UBC, featured in REW.ca’s recent luxury homes’ swimming pools article. It sold after a whopping 202 days on market for $980K below its $9.98 million list price.

The median sale price of a detached Vancouver home in that period was a relatively modest $1.56 million, exemplified by the sale at that price of a classic Vancouver Special on Pandora Street in East Vancouver. This six-bedroom unit with three separate suites sold for $8,000 under ask after 10 days listed.

REW july 6-13

It was a different story for condo sales activity, with an impressive 48 units sold within Vancouver’s city limits from July 6 to 13, more than twice as many as the previous week. In this market, the median sale price last week was $650K. But that figure breaks down to $512,500 among the 14 units sold in East Vancouver, compared with $712,500 among the 34 remaining units sold in the Vancouver West region (West Side and downtown peninsula combined).

On the back of this market activity, today’s condo sellers are clearly very ambitious about prices. The current median listing price for a Vancouver condo stands at $888,900 as of July 13, breaking out at an enormous $985K in Vancouver West and a more reasonable $588,500 in Vancouver East.

Even detached home sellers are undeterred in their pricing expectations, with the current median listing price of a single-family home within Vancouver proper at $2,905,000 on July 13. That’s a median of $4.68 million in Vancouver West and $1.98 million in Vancouver East.

 

For more Vancouver real estate news go to REW.ca.