East Vancouver Condo Market Update – August 2017
The condo market in East Van saw a drop in activity the last month, though the market is still a strong Seller’s market. The sales to active ratio is 84% overall, Breaking that number down, it’s 113% for 1-bed condos, 69% for 2-bed condos and 42% for 3-bed condos. Inventory went up slightly this month, with 181 condos for sale in total. There were 70 one bed condos, 97 two bed condos, and 12 three bed condos. I do expect the inventory to increase slightly in September/October, but I don’t expect it to be overwhelming.
With the sales to the active ratio as high as it is, and the inventory numbers as low as they are, it’s literally the best time to sell your East Van condo, especially if you are moving up to the detached market or selling an investment unit.
The HPI Price for all condos is $524,7o0, which is up from $507,700last month and, not surprisingly, the highest it’s ever been. Because my stats system can’t show me the HPI price for each segment of the market, we’ll look at Average and Median Price to break it down. Average price (and average sales price) is $502,635 ($823/sqft) for one bed condos, $703,584 ($761/sqft) for two bed condos and $955,160 ($868/sqft) for three bed condos. Prices are very similar, though ever so slightly higher, to what they were last month.
I expect this market to remain busy through the fall.. looking back on the last couple of years, and inventory didn’t change as much as everyone hoped.
Here are the numbers:
(Orange is 1 Bed Condos, Blue is 2 Bed Condos, Green is 3 Bed condos and Purple is East Van Condos in general)
Sales to Active Ratio – 1 Bed vs 2 Bed vs 3 Bed Condos in East Vancouver
Total Inventory – 1 Bed vs 2 Bed vs 3 Bed Condos:
Average Sales Price – 1 Bed vs 2 Bed vs 3 Bed Condos in East Van
For the Buyers out there.. get your financing in order and start working with a real estate agent. Thanks to the always evolving nature of the current market, you need a professional opinion when it comes to what a unit is worth (and if you can afford it!) and how to navigate offers. It’s possible to buy in this market, but preparation is key. If you have fairly specific requirements for a condo, sign up for our Custom MLS System so you don’t miss any good listings.
For the Sellers out there.. give us a call if you’re thinking about selling. Putting a little effort into your listing can do wonders, and we can make sure you’re doing it right.
Don’t hesitate to contact us if you have any questions about buying or selling condos for sale in East Vancouver. Also, be sure to check out our Home Buyers’ Guide for more info about buying a home in East Van.