East Vancouver Condo Market Update – August 2016
Welcome to the lastest East Vancouver Condo Market Update! It’s been a busy week and there’s a lot to report back on, so without further ado: condos in East Vancouver had a 70% sales to active ratio, down from the high of 98% and the lowest we’ve seen since February of this year. It’s nice to see the ratio go down, but keep in mind that a balanced market is within 15% to 20%. The average days on market dropped to 14 days, the lowest we’ve ever seen, while the number of sales and new inventory dropped, which is typical for August.
From what I’ve seen on the market, good properties are still going quick and in multiple offers, but I’ve seen quite a few more “subject” offers being accepted, which is good news for Buyers. Pricing strategy is still really important. I’ve seen some really high priced condos that end up dropping their price when they didn’t sell, and some really low price condos that increase their price when they didn’t get a good enough offer after their first open house.
The average price dropped to $503k and the average price per sqft dropped to $667/sqft. Breaking that number down, the average price per sqft is $655/sqft for re-sale condos and $802/sqft for new construction. It’ll be interesting to see if a big percentage of new condos, prior to completion, sell as assignments if the foreign Buyers don’t want to pay the tax.
Here’s a graph with the average prices of one bedroom condos in some of the more popular neighbourhoods in East Van:
East Van Condos are still a really busy market thanks to limited inventory and affordability – condos are the most affordable option for buyers, so as townhouses and detached house become more expensive, people will continue to look for condos.
Don’t hesitate to call me or email me if you have any questions about condos for sale in East Vancouver. Also, if you’re considering buying or selling your East Vancouver home, check out our home buyer and home seller guides!