The East Van condo market was busier in February than January, and this activity should continue for the next few months (generally speaking, for the entry level market up to $750k). Hopefully, competition between Buyers balances out with more new listings hitting the market, but after looking at last years numbers, there is still room for the market to be busier.
Inventory has been slowly climbing since December – there are 90 one bedroom units, 98 two bedrooms units and 65 three bedroom units – numbers which are close to peak we saw last year (which was 126, 125 and 101, respectively, in May 2016).
The sales to active ratio is a high 61%, a strong Seller’s Market. It’s 70% for one bedroom units, 60% for two bedroom units and 13% for three bedroom units. The Sales to Active numbers last month are similar to what they were in February 2016, and given that they increased in March last year, I can only imagine the same will happen this year. The inventory showed a slight increase recently but remained steady through the Spring last year.
The HPI Price for East Van Condos is $446,200. The Average Sales price for condos is $468k for one bedroom (20% increase over this time last year and 12% increase over last month) and $680k (18% increase over last year and a 4% decrease over last month) for two bedroom units. Keep in mind the decrease for two bedroom units month over month is more due to the type of two bedrooms sold (i.e. fewer luxury two bedroom units were sold last month bringing the average up, than it is an indication that the market is dropping).
The average days on market is 8 days for one and two bedroom homes, and 39 days for 3 bedrooms homes (I find that 3 bedroom homes are often either far too expensive or on leasehold land in South Vancouver). What does that mean? One and two bedroom units are being listed early in the week and hold “offer presentation” days early the week after. The delay in offer presentation allows all interested Buyers to view the property and start their due diligence so they can submit their strongest offer (likely subject free).
Take a look at the differences between the one, two and three bedrooms condo markets in East Van:
Sales to Active Ratio for East Van Condos:
Total Inventory for East Van Condos:
Average Sales Price for East Van Condos:
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 to ensure 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.