CONDO SALES IN EAST VANCOUVER
The East Van condo market is incredibly busy right now – the sales to active ratio (which is the number of listings compared to the number of sales) is at 1 right now, which means every condo that is listed is sold. Inventory dropped compared to last month, and is hovering around the average thus far for 2016.
The average price per sqft is about $620/sqft and the median price per soft is $575/sqft. The median number of days on market is 8, which is the perfect number to allow a listing agent a chance to list the property, hold open houses and accept offers the week after listing. This is common practice these days, but don’t forget that it’s not a guarantee! Some agents will look at offer before a scheduled offer day, so contact us to ensure you know what the situation is.
Take a look at some of the stats for 1 bedroom condos vs two bedroom condos vs three bedroom condos so you can get a sense of how the market has shifted over the last three years. Since three bedroom condos are a rarity in East Vancouver, those stats are skewed, but one bedroom and two bedroom condos seems o follow a similar path.
(Green is 1 Bedrooms, Blue is Two Bedrooms, Orange is 3 Bedrooms)
Total Inventory – 1 Bed vs 2 Bed vs 3 Bed East Van Condos:
Average Sales Price – 1 Bed vs 2 Bed vs 3 Bed East Van Condos:
The hot spots are still Downtown, Mount Pleasant, Fraser, Hastings and Commercial Drive, though Collingwood is becoming a popular destination thanks to it’s affordable concrete towers and don’t overlook areas like Victoria, Knight, Renfrew and Main for potential condo listings.
Given the busy market, you will likely need to come in with a very strong offer in order to be successful in buying a condo. These strong offers need more due diligence than ever, so contact us to ensure that you’re aware of what you’re buying so that not only is the purchase process smooth, but you enjoy living in the building for years to come.
Don’t hesitate to contact us if you have any questions about the market.