Median Detached Home Listing Price Breaches $2m Mark

Thursday, September 21st, 2017

Joannah Connolly

The median listing price of a detached home across the entire Greater Vancouver Multiple Listing Service® has breached the $2 million mark, our latest #REWCAP market data analysis has found.

The median price of all 5,786 single-family homes currently listed on the MLS® across the whole region is $2,079,000, as of September 21.

Looking at just Vancouver proper, and that figure goes up to just $2 short of the $3 million mark, of 1,569 houses currently listed.

Greater Vancouver townhomes, duplexes, rowhomes and similar attached properties are at the same median listing price as the previous week, at $938K. But condo listing prices rose another $10K to a median of $688,000 across the whole region.

There were two headline new listings to come on the market that same week. The priciest was a 10,000-plus-square-foot, 2016-completed contemporary mansion up at UBC, with views to die for and a price to match. It was listed on September 12 at a jaw-dropping $26,980,000.

The only penthouse in One Wall Centre in downtown Vancouver was also listed last week. The 47th-floor, near-5,000-square-foot, super-prime condo takes up two levels of this iconic building, and has a grand spiral staircase, as well as 360-degree views of the Lower Mainland, mountains and ocean. It was listed for $12,888,000 (note the use of lucky number 8), also on September 12.

The rising real estate prices come despite an apparent slight slow-down in the market the week of September 11-17.

After a flurry of 1,319 new home listings following the Labour Day weekend, new listings arriving on the Greater Vancouver Multiple Listing Service® last week (September 11-17) slowed somewhat, although at a still-strong 1,265 new properties.

However, despite fewer new listings, last week saw a rise in total listings, to 9,531 homes from 9,370 the week before – which can only mean that sales slowed down.

What’s more, there were 412 price drops the week of September 11-17 – considerably higher than the 330 of the previous week, and the highest in many weeks. This figure also indicates a slightly more sluggish market.

© 2017

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