EAST VANCOUVER CONDO MARKET UPDATE – NOVEMBER 2016
The Condo Market in East Vancouver is a resilient market that hasn’t been too affected by the changes to the general Real Estate Market in Vancouver. The condo market was so powerful this past year that even with a slight drop in average prices or a slight increase in inventory, we’re still seeing a balanced market for both Buyers and Sellers. Nice units in good buildings are still selling, though Buyers aren’t falling for inflated prices. We’re seeing a lot of Sellers aim for the “peak” price, with Buyers exercising some negotiation to bring the price down to a reasonable number based on other listings and sales.
Average price of a condo in East Van currently sits at $495k, which is more than every month before April 2016. The average price of a one bedroom condo in East Van increased from $415k to $423k, while the average price of a two bedroom condo decreased from $630k to $594k.
Inventory for condos in East Van has continued to increase this Fall (currently at 144, and aside from February, it’s the highest inventory number we’ve seen all year), and average sale price is sitting in the same price range as what we saw in May. The number of sales has been consistent since August, and aside from January of this year, it was the lowest number of sales. Overall, the average days on market is at 9 days, which is in line with the last few months, but I expect this average to increase in the next few months as we see listings sit on the market for longer than a week.
Average Sales Price: Take a look at the price difference between 1 bedroom, 2 bedroom and 3 bedroom condos in East Van:
The 3 bedroom condo market is a varied market. There aren’t many 3 bedroom condos, and many of the units that do exist are either newer, luxury units or older units in the more suburban neighbourhoods in Vancouver. A lack of newer, luxury condo sales in any given month can significantly drop the average price, which is what’s happened here. Looking at the total inventory numbers, and you’ll see that there are currently two 3 bedroom condos listed for sale in East Van (so two cheap ones show a much different average than two expensive ones), whereas there are over a hundred 1 and 2 bedroom units listed (creating a better average).
Sales to Active Ratio: Based on the sales to active ratios for condos, this market is still in demand By Buyers.
For the Buyers out there, keep your eye on the market. I’ve seen some great condos be listed in the last month or so, and without the intense competition from other Buyers, you will have some negotiation room and time for due diligence, which is a much nicer buying experience than we’ve seen in the last few months. Call us if you’re looking – we’ll ensure that you’re aware of the good listings, good buildings and and what’s happening in the market. We’re still seeing some units that are over priced, some that are under priced and some that are just right, so good advice and a trusting relationship between you and your agent is worth a lot. Call us to get the process started..
View all 1 Bedroom East Vancouver Condos for Sale
View all 2 Bedroom East Vancouver Condos for Sale
For the Seller’s out there, a nice presentation of your home is especially important, as well as fixing/updating anything that Buyers may negatively focus on so that your home can show it’s best and command good offers.
Don’t hesitate to contact us if you have any questions about condos for sale in East Vancouver.