Condo Sale Prices Defy Summer Market Slowdown

(August 09, 2017 )

Despite falling home sales, buyers seem to be shelling out more and more for condos
While residential real estate transactions continue to drop on a weekly basis as summer deepens, condo sale prices remain robust, increasing again during the week of July 24-30.
There were 323 home sales registered as sold last week, as of August 3, in the area covered by the Real Estate Board of Greater Vancouver. Of those, 197 units were condos, 58 were townhomes, row houses or duplexes, and the remaining 68 were detached houses (including float homes and manufactured homes). Out of those 197 condo deals last week, the median price was $590,000, which is $40K higher than the previous week.
The least pricey home to trade hands in the region last week was also in Richmond – a modest one-bedroom unit in the Granville neighbourhood that sold for $4K under its asking price, at $155,000. At the other end of the scale, the most expensive condo to sell that same week was a gorgeous three-bedroom home at the luxurious River Green development in Richmond’s Brighouse neighbourhood, with double-height living room ceilings and a massive private roof deck. And the priciest detached house was the $5 million purchase of a large, six-bedroom family home in the desirable West Side’s Arbutus neighbourhood, boasting incredible views of the city and mountains. This lovely house took 99 days to sell and went for $498,000 under its list price. Of all the homes sold last week, 173 – or 54% - went for above their asking price, with 30 going for bang on sticker price and the remaining 120 selling at under list.Joannah Connolly
August 3, 2017