62% of Homes Sold Above Asking, Despite Market Slowdown
New weekly #REWCAP roundup of latest Greater Vancouver market stats reveals prices remain robust
Although July so far seems to be seeing a further slowing in sales activity, with 420 homes registered as sold in the Greater Vancouver region between July 10 and 16, the majority of those deals -260 of them – were made at over list price. Just 119 of the 420 sales went for under asking, with a mere 41 sold for exactly the sticker price.
The property that sold for most over asking was a 2.5-acre parcel of land in Maple Ridge with two homes including a three-bedroom house, listed at $620,000 but sold for 37% more than that at $851,000.
The most expensive listing to be snapped up last week was also a property where the value was all in the land. This was a $4.6 million probable-teardown on Vancouver’s West Side neighbourhood Southlands, which is described as a “91.5-by-200-foot private park-like lot close to golf courses, UBC, transit and great schools.” After 52 days on the market, it sold for nearly $400K under its original price of $4,999,888 (and note the no-doubt-deliberate use of Chinese lucky number 8 in that price).
At the other end of the scale, the least expensive home thus far registered as sold last week is a $150,000, one-bedroom, 634-square-foot, ground-level condo in a 1970s Richmond building. It took just six days to sell, although for only $200 above its $149,800 list price.
There were 1,291 homes newly listed on the market July 10-16, a little higher than the previous week’s 1,255 properties and the same week in June (1,241).