What’s Happening in the Condo Market in East Van?
The East Van condo market is the hot right now (a Seller’s market) – I’ve been involved in multiple offers for everything from Live/Work units to one bedroom to large two bedrooms, and in various neighbourhoods in East Van. The sales to active ratio are at 41% which is a strong Seller’s market, though lower than the sales to active ratio throughout last year which tells me that it can (and likely will) remain very busy this year. Breaking this down, the sales to active ratio is 49% for one bedroom, 35% for two bedrooms and 31% for three bedrooms.
Inventory numbers are still very low compared to last year, the average was 185 in January, but it was over 200 throughout last year. We need some inventory to start easing off the competition between Buyers and to offer Buyers a few more options to choose from. One detail that’s holding back new inventory is that the owners of those properties need to find a place to buy before selling, but if they can’t find a place to buy, they can’t sell. See the issue? A long term solution is more development permits and flexible zoning from the City of Vancouver, leading to higher density, but any benefit this change is years away.
The HPI Price for condos in East Van is at $438,800, which is on par with the average since July and down from the $450,000 high in October. The average price per sqft is at $750k, which is rising thanks to the busy market and the increase in new developments on the market. Days on market is back down to 7, which makes sense given that most agents will list the property during the week, hold Open Houses over the weekend and take offers on Monday or Tuesday after (remember to do your due diligence during that period).
HPI Price for East Van Condos
Take a look at the HPI Price ratio for various neighbourhoods in East Van:
For the Buyers out there.. get your financing in order and start working with a real estate agent. Thanks to the random nature of the current market, you need a professional opinion when it comes to what a unit is worth and how to navigate offers (having an existing relationship with a real estate agent when you’re going into the offer prices will ensure your best interests are in mind) ESPECIALLY in multiple offers.
For the Seller’s out there.. presentation is still key. Ensure the smaller details in your home are clean and working, and spend some time decluttering and ensuring your property displays as well as possible.
Don’t hesitate to contact us if you have any questions about buying or selling condos for sale in East Vancouver.