East Vancouver Condo Market Update – May 2017
The condo market in East Van is still very busy. We’re looking at a sales to active ratio of 75%, which is a strong Seller’s Market. This sales to active ratio dropped from 87% last month with a slight increase in inventory this month. Inventory numbers are still pretty much the lowest we’ve seen since November 2015 for condos in East Van, though we are seeing more 2 bedroom condos on the market now. The sales to active ratio for 1 bedroom condos is 81% (close to last year’s high), while it’s 75% for 2 bedroom condos (lower than last year’s higher of 97%) and 33% for 3+ bedroom condos (on the lower end of the average over the last few years).
The average sales price for a 1 bedroom condo in East Van is $482,782, which is 28% more than last month. Though the increase in price sounds harsh, the price per sqft actually decreased from $767 to $760/sqft, which is 21% higher than this point last year.
The average sales price for a 2 bedroom condo in East Van is $642,556, which is down 3% compared to last months $661,552 and 17% more than last April’s average. The average price per sqft is $696/sqft, which is down from last month’s $755/sqft and the year’s high of $801/sqft. Keep in mind that if there are a high number of new buildings that sell in a particular month, that the average price per sqft will be higher.
Make sure you’re doing your due diligence on the building prior to writing an offer. Knowing what maintenance has been done, and what maintenance there is to come is really important in knowing what the unit will cost you over time. Inspections can be expensive, but they’re really useful in getting a second opinion about the big issues you should be aware of, and the smaller issues you should fix to ensure your home is safe and well maintained (there are a lot more electrical issues out there than you’d think).
Take a look at the differences between 1 and 2 bedroom units in a few different neighbourhoods in East Van:
Average Condo Sale Price in Mount Pleasant:
Average Condo Sale Price in Grandview:
Average Condo Sale Price in Hastings:
Average Condo Sale Price in Collingwood:
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 (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).
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.