East Vancouver Condo Market Update – July 2017
The East Van condo market had a 156% sales to active ratio, the highest it’s been – and by a considerable amount – since early 2016. This can be broken down in the following way: 232% for 1 bedroom condos, 110% for 2 bedroom condos and 100% for 3 bedroom condos. This means that inventory numbers are not keeping up with demand, and you can expect competition from all corners of the condo market. Looking at these numbers, I’m surprised that I’ve seen some condos sit on the market recently, or not pull great sale price, though reflecting back, those units were either priced too high, showed poorly or didn’t show to prospective Buyers as often as necessary.
Looking at inventory levels, they’re the lowest they’ve been in recent years – though not by a lot – with 152 condos listed for sale throughout East Van: 59 one bedroom units, 81 two bedroom units, 12 three bedroom units.
With the sales to 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 average sale price is $606,876 for condos in East Van, which breaks down to $500,776 for 1 bedroom units, $699,372 for 2 bedroom units and $1,132,176 for 3 bedroom units. Prices have been slowly trending upwards every month. Average price per sqft is also on the rise, with an average of $825/sqft.
Here are the numbers:
(Orange is 1 Bed Condos, Green is 2 Bed Condos, Blue 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 Van
Total Inventory – 1 Bed vs 2 Bed vs 3 Bed Condos in East Van
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 random 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.
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.
In this East Vancouver Detached Home Market Update for July, 2017, we look at East Van’s Active to Sales Ratio, Average Sales Price and Total Inventory.