Real estate sales activity in Vancouver jumped in the week September 11-17, following a slower start to the month, as the fall market ramped up and the price of detached homes followed suit.
A look at MLS® sold data for the week, as of September 28, revealed that the median sale price of detached homes was nearly half a million dollars higher than the previous week, at $2,499,000 across Vancouver proper.
This breaks down as a median of $1,534,000 among the 17 house sales in Vancouver East (East Side and Downtown East combined) compared with the median $3,225,000 among the 18 Vancouver West detached home sales (West Side, Downtown West and West End).
Sales of single-family homes also nearly doubled from the previous week, with 35 sales between September 11 and 17 registered by September 28, compared with 18 houses the week before.
Townhouses, row homes and similar attached units saw an even larger jump, with 33 sales registered in that week by September 28. That’s more than three times the 10 units of the previous week, in which activity was likely dampened by the Labour Day stat holiday and back-to-school priorities. Of those 33 sales, the median sale price was $1.23 million, around $130K higher than the previous week.
Condo sales in the city also had a strong showing, with 122 unit sales the same week, compared with 76 the week before. However, the median selling price didn’t see the same increase, dropping $5K to $745,000. That breaks down as $586K in Vancouver East (32 of the 122 sales) versus $798,500, the median sale price of the 90 condo transactions in Vancouver West.
The priciest overall Vancouver home sale the week of September 11-17 was not a house at all – at least, not yet. A 15,000-square-foot lot in Shaughnessy, complete with architectural plans for a brand new 6,737-square-foot house currently going through the permitting process, sold on September 13 for $7.7 million, $80K under asking.
Total listings rose slightly for detached houses compared with the previous week, despite the strong sales activity – revealing that even more sellers are looking to cash in on the fall market. Townhome and condo inventory remained steady, as did the median listing prices in each category.
Joannah Connolly is the editor of REW.ca, where you can find more Vancouver real estate news.