Hello WeLoveEastVan.com readers! I’m going to keep the review short this month since August was slow and generally isn’t indicative of the September we might expect.
I find the general public seems to think that summer’s would be busy for Real Estate, but it’s quite the opposite. Everything slows down and listings are taken off the market or postponed to the fall since everyone tends to spend their weekends at weddings, enjoying the beach or going on trips out of the city. From there week after Labour Day to the beginning of December, the market picks up again before starting to slow down for Christmas.
This August was particularly slow. With the second increase in Foreign Buyers Tax announced and a few interest rate increases recently, it’s become harder for Buyers to push the envelope on price, which has lead to stagnant or dropping prices, depending on the type of product.
The HPI Prices for condos, townhouses and detached houses in East Van are:
Condos: $569,300 (up from $568,900 last month)
Townhouses: $894,200 (up from $892,600 last month)
Detached Houses: $1,529,200 (down from $1,535,500 last month)
We have already seen a lot of new inventory hit the market, as well as re-lists of units the didn’t sell in the summer so there is certainly more competition out there for listings. Prices are still generally all over the place. Some units are over priced, some units are priced right, some units have a lot of negotiation room and some have none – the only way to find out is to get negotiating. Make sure you know the comparables in the area and consider building quality and the intrinsic details like floor plan, outlook, etc.
Buyers: You have a lot more to choose from and “subject” offers are still common, so ask questions, be diligent and find that great listing.
Sellers: Know your value so you aren’t surprised by the market, and put effort into fixing the small things snd making the listing look great since Buyers will notice now that they have the time to do inspections.
My mortgage brokers (Pinsky Mortgages) have access to some good interest rates and are fantastic with straight forward and complicated files. Give them a call to make sure you know what you’re working with!
As always, if you want more information about the markets you’re looking to buy or sell out of, just let me know. I love chatting real estate so give me a call (778-387-7371), or shoot me an email: [email protected].
East Van Condo Market Update for September 2018
The East Van condo market is moving along in what feels like a balanced market. The numbers say otherwise, but there is still some opportunity for Buyers. The average days on market is between about 20 and 30 days, so that in itself shows that the market has slowed and that Buyers finally have the time for proper due diligence with the strata documents, home inspection and mortgage approval.
It will be interesting to watch how the market adjusts with new inventory in the fall and more Buyers looking. I don’t think the market will be overwhelmed like before but rather remain level and approachable.
The sales to active ratio is 41% for 1 bedroom condos, 25% for 2 bedroom condos and 13% for 3 bedroom condos. The amount of inventory dropped in August which is likely what lead to higher than expected sales numbers, but expect the amount of inventory in September (which is reported in October) to be a lot higher.
The price per sqft increased slightly this past month with $923/sqft for 1 bedrooms, $925/sqft for 2 bedrooms and $1312/sqft for 3 bedrooms (big increase due to some luxury condo sales).
Our team has some great 1 and 2 bedroom listings coming up in East Van, so stay tuned for some good options and get your mortgage approval underway so you can be ready to jump.
East Van Townhouse Market Update for September 2018
The East Van townhouse market is a balanced market. The sales to active ratio was nill for 1 bedroom townhouses (no sales of that category last month), 21% for 2 bedroom townhouses and 24% for 3 bedroom townhouses.
The total inventory dropped for each category, but will pick up again this fall. Inventory was at it’s highest numbers we’ve seen for the past few years before it dropped so Buyers will have a lot of choice in this market.
Price per sqft was $828/sqft for 2 bedroom townhouses and $764/sqft for 3 bedroom townhouses, both markets which have seen their up’s and down’s over the last few months. The townhouse market isn’t very large in Vancouver (there were four 2 bedroom sales and fourteen 3 bedroom sales) so average price can be easily affected based on what has sold.
The average days on market was between 25 and 28 days showing that Buyers do have some time to consider their options and do their due diligence. Given the difference in price per sqft of condos and townhouses, it would be a good time to consider the jump to a townhouse if you own a condo.
East Van Detached House Market Update
The East Van detached house market was close to the slowest it’s been since it dropped in mid-2016. The sales to active ratio was 7% for re-sales and 10% for new construction. I do expect this market to pick up again (two of our most recent East Van detached House listings sold the first week for a great price) once we get into the swing of Fall.
Inventory dropped slightly for re-sale homes but it should pick up again this month.
The sales price averaged $1,576,433 for re-sale homes and $1,848,451 for new construction. We saw 54 re-sale sales this past month and only 4 new construction. The average days on market was 45 days for re-sale homes and 27 days for new construction, though based on my recent experience, good listings ill still sell the first week.
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.
