Hello WeLoveEastVan.com readers!
I’ve had a busy few weeks helping my clients take advantage of some good listings that hit the market. This update is going to be short but you’re always welcome to call or email me if you want to chat about the market (and your market in particular) in more detail.
The East Van real estate market is showing more activity now that we’ve hit the official Spring market. Overall, the condo and townhouse market are slightly stronger than a balanced market and the house market is overall a bit slow, though certain types of inventory are still selling quickly and with interest from Buyers.
Overall, it’s a market where Buyers are jumping on good options and they’re taking advantage of the slower market with low interest rates, due diligence periods and the chance to take the next step on the property ladder.
Myself and members of our team have been involved in multiple offers situations on everything from condos to houses recently, so Buyers are out there, we’re all just waiting on good inventory.
East Van Houses have an 8% sales to active ratio and an HPI Price of $1.39-million.
East Van Townhouses have a 21% sales to active ratio and an HPI Price of $821,300.
East Van Condos have a 22% sales to active ratio and an HPI Price of $547,700.
All HPI Prices are down slightly from this time last year, but the East Van condo and townhouse market have seen a higher average in the last few months. Total inventory increased for each market in the past month, and overall since December. Detached inventory is down compared to last year, whereas townhouse and condo inventory is up compared to last year.
EAST VANCOUVER CONDO MARKET UPDATE
The East Van condo market is showing a lot of activity. Inventory is up for both 1 and 2 bedroom condos (these markets often parallel each other) and the sales to active ratio is indicating a balanced market. I’ve seen a lot of great condos hit the market recently, and have been involved in a few multiple offer situations. Don’t worry, even though there are multiple offers, it’s not leading buyers to offer significantly over the list price if the unit doesn’t deserve it. Ensuring your unit shows really well is really important so that it stands out in Buyers minds when they’re going through their options.
Shoutout to Buyers looking for units in new building: It looks like “The Independent” at Kingsway/E Broadway is just about done construction so I anticipate we’ll be seeing quite a few units hit the market in that building in the next little while. I’m excited to see what the completed building offers for views and amenities.
1 Bedroom East Van condos have a 28% sales to active ratio and a $559k ($858/sqft) average price, which is down 2.2% from this time last year.
2 Bedroom East Van condos have an 18% sales to active ratio and a $710k ($786/sqft) average price, which is down 10.7% from this time last year.
3+ Bedroom East Van condos have an 8% sales to active ratio and a $716k ($616/sqft) average price (this price of this market is skewed by leasehold units in South Vancouver).
EAST VANCOUVER TOWNHOUSE MARKET UPDATE
The townhouse market in East Van is also showing a lot of good activity. Townhouses are a natural next step for Buyers who are living in condos, and with townhouse prices having dropped more than condos, it’s a good step up to make now for condo owners. East Van has a mix of older townhouses and newer, boutique townhouses so you’ll find a nice mix of options. Total inventory is up for both 2 and 3+ bedroom townhouses, both since December and compared to this time last year. The sales to active ratio is really positive – we’re seeing a strong balanced market – good for Buyers and Sellers. Average prices are pretty up and down, but that’s due to the small number of sales each month (typically under 25 in total) so average prices can be easily skewed by the leasehold units in South Vancouver and the modern new townhouses near downtown.
No 1 bedroom townhouses have been sold in a few months, so nothing to report here.
2 Bedroom East Van townhouses have a 25% sales to active ratio and a $773k ($716/sqft) average price, which is down 15.6% from this time last year.
3+ Bedroom East Van townhouses have an 20% sales to active ratio and a $910k ($627/sqft) average price, which is down 16.4% from this time last year.
EAST VANCOUVER DETACHED HOUSE MARKET UPDATE
The detached house market in East Van shows an 8% sales to active ratio for re-sale houses and a 6% sales to active ratio for new construction homes. To give you some insight into these numbers, the re-sale market is overstated by huge reno projects and tear downs and the new construction market is oversaturated by large houses with laneways, making them too expensive for a lot of buyers, but the market for good houses is still pretty active, and I’ve seen a few multiple offer situations on reasonably priced houses recently to support this fact. Total inventory for houses has been increasing since December, but it’s also lower than it was at this time last year.
Re-Sale Houses in East Van have an 8% sales to active ratio and an average price of $1,460,000 (down 11.5% from this time last year).
New Construction Houses had only 2 sales this past month, with an average price for $2.4-million and a sales to active ratio of 6%.
Check out one of our detached houses for sale: 2108 E 28th Ave
As always, let me know if you have any questions about this market, whether you’re interested in buying or selling.