East Vancouver Condo Market Update – November 2017
The condo market in East Van kept following the same trends, and showed a sales to active ratio of 74%. The HPI price (which is the best indication of actual market price since it takes into account certain differences between properties) increased slightly from $535,600 to $538,500. The average price per sqft increased 8% (to $880/sqft) while the average price increased 5% (to $654,658). This discrepancy leads me to believe that the units that sold have less sqft, which is certainly the case for newer condos in East Van. Based on what’s happening in the market, Buyers definitely prefer newer 1 bed condos with all the fixings (in suite laundry, rentals allowed, modern-ness, etc) compared to older condos, even though the old condos have a lot of inherent value in good locations and bigger spaces. Regardless, condos that are well maintained and well priced are still getting multiple offers.
The average price for 1 bedroom condos is $547,666 (average price per sqft is $899) with a sales to active ratio of 105% so it’s BUSY. Total inventory is at 81 units, which is close to half of the 2016 inventory average.
The average price for 2 bedroom condos is 4751,581 (average price per sqft of $843) with a sales to active ratio of 59%, which is still a strong market. Total inventory is at 104 units, which is on the higher end of the spectrum compared to the last year and a half.
Inventory increased slightly last month, but we’re still down compared to the highest inventory we’ve seen this year or last year. October 2016 showed 272 units for sales, whereas this October showed 204. Check out my full condo market update.
Every real estate market in Vancouver slows down at Christmas time (inventory drops significantly and eager Buyers put their search on hold while they go on vacation). In the last few years, I can remember a few of my Buyers who managed to sneak in a good buy with little to no competition during the holidays, so keep your eyes peeled if you’re interested. If you’re having trouble getting into the market, it might be time to consider a different area or changing your criteria.
For Buyers… if you’re a Buyer, reach out to me so I can get you started down the right path. We can go for a coffee where I’ll make sure you’re getting the answers to all the questions you should be asking.
For Sellers… the little things make a big difference. Painting, organizing, and staging will give Buyers the good feelings they are looking for when choosing their next home.
Don’t hesitate to contact me if you have any questions about buying or selling condos for sale in East Vancouver. Our Custom MLS Search is a great tool to use if you’re in the market for an East Van condo, so contact us if you want to be notified if any units within your price range and criteria hit the market.
Here are the numbers:
(Orange is 1 Bed Condos, Blue is 2 Bed Condos, Green is 3 Bed condos)