What’s Happening with Condos in East Van?
The East Van condo market is still the most active market around – and no surprise given that it’s also the most affordable – but it certainly has shifted off it’s peak. I’ve seen some properties sell in multiples, some properties sell to offers with subject clauses on them and some properties sit for a couple weeks before dropping their price. The biggest difference between units? How well they’re priced. Some Sellers are still assuming that their property is worth *more* than their neighbour who sold recently and price it higher, though the market has shifted and isn’t increasing every week.
The sales to active ratio was on average 44% across East Van condos. Breaking that down, it was 56% for 1 bedroom condos, 35% for 2 bedroom condos and 26% for 3 bedroom condos. These are all still busy markets, especially 1 bedroom condos, so you have to expect elements of a Seller’s market, which means some competition and quick sales, though the prices have dropped slightly over May so there is some benefit for Buyers.
In June, the average price (average price per sqft) and median price (median price per sqft) was:
Studio + 1 Bedroom: $534,256 ($869/sqft) and $525,000 ($882/sqft)
2 Bedroom: $793,872 ($886/sqft) and $735,500 ($839/sqft)
3 Bedroom: $1,081,915 ($1,034/sqft) and $1,049,900 ($1,058/sqft)
Inventory was generally steady this past month, though the number of new listings was down, which means there is some inventory that is sitting on the market. The inventory numbers we’re seeing right now re higher than we saw during any month last year, which is great news for Buyers. The more inventory we see, the more the market will swing in favour of Buyers.
At the end of the day, good listings and listings priced on the lower end of reasonable will still sell quickly, so be prepared when it comes to your financing and your real estate knowledge. I don’t think prices will drop considerably but I do think it will be a bit tougher to sell units in bad buildings or units that haven’t been well cared for since Buyers can be a bit pickier. So if you’re thinking about selling, put the extra effort in to make your property shine.
As always, if you want to chat real estate or have any questions about the market, or buying or selling, shoot me an email at [email protected] or give me a call at 778-387-7371.
