Hello East Van!
We’re in October if you can believe it. The Vancouver Real Estate has a few seasons, specifically Spring and Fall, so that this point we’ve had a taste of the Fall Real Estate Market with the real activity to come after Thanksgiving this weekend before everything starts to slow down for the Christmas Season.
The beginning of the Fall Market usually starts slow as people get back into the swing of things after summer time. There are usually a handful of deals right out of the gate, typically by Buyers who had been looking the previous Spring and Summer. We also see Buyers who are new to the buying process, and spend September getting their mortgage approval in place while they learn about their options, so by October and November, they’re a lot more prepared to make a purchase. These are trends I see every year, though this Fall started differently than the last few. This past summer was slow – a combination of typical slow summers and buyer fatigue/tougher mortgage approvals – so we saw the market slow down for the first time in years. The detached market has been slow for months now, though the townhouse and condo market finally slowed as well allowing buyers the chance to negotiate price and submit “conditional” offers. Prices for townhouses re holding steady, though you will see prices drop for mediocre units and stagnate for good units, with inventory selling a lot slower allowing the number of units available for sale to accumulate. Keep in mind, good properties that are priced well aren’t sitting on the market long, so you still need to go after opportunities, but I do expect to see an increase in inventory in October, before things start to slow down for the holidays in mid-November.
The HPI Prices for condos, townhouses and detached houses in East Van are:
Condos: $575,700 (up from $569,300 last month) with a 21% sales to active ratio
Townhouses: $873,400 (down from $894,200 last month) with a 21% sales to active ratio
Detached Houses: $1,502,900 (down from $1,529,200 last month) with a 9% sales to active ratio
It’s the kind of market where you have to throw out some offers to see just how motivated the Seller is (and be prepared to be denied). Some need to sell and some just want to sell. I’m seeing a bit of a logjam start to happen where people who can’t seem to sell their current property aren’t able to buy their next property so the market stagnates.
I don’t expect prices to increase in the next couple months, but I also don’t see big drops in price. I think inventory will increase, though much of that is because units are staying on the market longer. I think we’ll see this slow market continue until the Spring when it’ll pick up with Buyers and Sellers (similar to what happened last year). These slow markets are often the best time to find a deal, so don’t put your search on hold just yet. Make sure you’re analyzing the market so you know what’s happening with comparable properties so you can make sure you’re buying a good place for a good price.
Based on the numbers, the East Van Real Estate Market is still strong and properties are selling, but there is a small adjustment in price.
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]. Every situation is unique and deserves some consideration ensure things unfold as best as possible for you.
East Vancouver Condo Market Update
The East Van condo market is technically a Seller’s market for 1 bedroom condos (29% sales to active ratio) and a balanced market for 2 bedroom condos (15% sales to active ratio). Prices have remained fairly steady, though I have seen some deals for Buyers. I’ve seen few situations where a unit has received more than one offer, but that was for special properties that don’t hit the market very often. Otherwise, conditional offers and some negotiation in price is typical.
Prices have remained steady for 1 and 2 bedroom units, and as usual, the price of 3 bedrooms units has been sporadic due to the types of units available (freehold vs leasehold, old vs new luxury). The number of days on market is about 30 days, though that is the average and good units are still selling quickly.
Total inventory is steadily increasing, which has been the case since January. The number of sales has dropped since the Spring so the increase in inventory is due to both more listings on the market and the fact that listings are staying on the market longer, allowing the total numbers to accumulate. There were 59 one bedroom condo sales and 32 two bedroom condos sales in East Van last month. Overall, I’m not seeing a ton of *great* inventory, so I’m hoping that we’ll see some good stuff on the market this October. Our team has a renovated 1 bedroom Mount Pleasant condo hitting the market this week, in addition to a renovated 2 bedroom Mount Pleasant condo so keep your eyes peeled if you’re on the market to buy before the New Year.
East Vancouver Townhouse Market Update
The East Van townhouse market is a balanced market. The sales to active ratio is 18% for 2 bedroom townhouses and 22% for 3 bedrooms townhouses, which means the market is good for both buyers and sellers.
There haven’t been any 1 bedroom townhouse sales in East Van since July so there are no numbers to report. Prices for 2 and 3 bedroom townhouses have been pretty sporadic over time, so it’s a bit tougher to compare one month to another. These sporadic prices are due to the fact that there aren’t a plethora of townhouses available, and it seems to be a mix of new complexes and older complexes, which will have a different price point and lead to varied price stats.
There were 4 two bedroom townhouse sales last month in East Van and 15 three bedroom townhouse sales last month, which is generally average, and if anything, slightly less than average. Inventory increased slightly after dropping through the summer time.
The average days on market is 9 days for two bedroom townhouses and 23 days for three bedroom townhouses so properties are still selling fairly quickly, though there is some due diligence time available for Buyers.
East Vancouver Detached House Market Update
The Detached House Market in East Van has been slow and steady for months now. The sales to active ratio was 8.5% for re-sale properties and 8.3% for new constructions properties. The number of sales this past month increased – to 59 re-sales – over August, which isn’t a surprise given that August is typically quite slow. The number of new construction sales was 4, which has been within it’s general average for years.
The total inventory of re-sale homes is 809 houses (202 listings were new this month), which is lower than this year’s high of 875. The number of new construction homes currently available is at 48 (22 are new listings), which is the highest it’s been all year. Average price is at $1,595,464 for re-sale properties (this has been fairly steady since June of this year) and $2,480,000 for new construction properties (this price has ranged from $1.85-million to $2.85-million).
The average days on market is 45 days for re-sale homes and 59 days for new construction homes. Like with every market, good properties – especially the entry level market for a livable, updated home – so if you see something good, you may have to jump on it. Just make sure that you know the market!
As always, give me a call (778-387-7371), or shoot me an email: [email protected] if you need professional, advice based on real experience.