EAST VANCOUVER CONDO MARKET UPDATE – JULY 2016
Condos in East Van are still a hot ticket item. The sales to active ratio is just over 100%, which indicates that everything listed is sold, with an average days on market of 15 days. Inventory decreased compared to last month, from 227 to 183. The average price rose from $502k to $525k.
The average price per sqft rose from $640/sqft to $680/sqft, with an average of $665/sqft for re-sales and $785/sqft for new developments (wow). New developments have been really popular in the last few years, often selling out in the first few weekends if not right away. Developers have caught on, and pricing for new developments is not quite the deal it used to be.. now you’re paying a premium for the new build, and still have to wait for construction and hope the finished product doesn’t differ much from the plans.
East Van Condos are still a really busy market thanks to limited inventory and affordability – condos are the most affordable option for buyers, so as townhouses and detached house become more expensive, people will continue to look to condos.
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Don’t hesitate to contact us if you have any questions about condos for sale in East Vancouver.
