EAST VANCOUVER CONDO MARKET UPDATE
The East Vancouver Condo Market continued to be busy throughout August despite a dip in inventory levels – any good condo that was listed sold quickly as most Buyers kept their eye very closely on the market. The sales to active ratio was at a strong 30%. The year high was over 40% between May and July so the condo market has seen slightly less activity, but it could very well increase again this Fall if we see more inventory. The most active markets was between $400k to $700k which had a combined 56% sales to active ratio, and three bedroom condos remain rare yet highly desired by Buyers.
Average and median prices jumped over last month and last year – current average sale price is at $450k while the median is at $410k.. meanwhile average and median prices at this time last year were in the mid to high $300k’s. Some of this price increase is the influx of newer condo buildings that have a higher price point, and some of the price increase has been the rising market. Take a look at this graph detailing the average prices of condos in East Vancouver over the last few years.
With the market being as busy as it has been, some Buyers have been under-listing to get some interest in their unit, while other Buyers have been over-listing to try to take advantage of uninformed Buyers – we’ll ensure you know where the condos sits from a value perspective and how the quality of the building can affect your budget in the short and long term.
Give us a call if you’re interested in buying a condo in East Van. We have the experience buying and selling in East Van to ensure you’re successful in this market.
RECENT CONDO SALES IN EAST VANCOUVER
One of the most expensive condo sales last month was this unit in 3333 Main St, at East 17th above the Shoppers Drug Mart. The building was built in 2012 and offers some great floor plans. This unit in particular has over 1200sqft of interior space with 3 bedrooms, 2 bathrooms and a large 550sqft southwest facing wrap around patio. The interior has an open concept floor plan with large primary rooms and a nice flow to the exterior space. The building offers parking, storage, a bike room and no restrictions on pets or rentals. The location is in a great part of Main St – near great parks, between some of the best restaurants and shopping. This unit was listed for $988,000 and sold less than 2 weeks later for $1,100,000.
One of the least expensive condos sold last month in East Van was this 1 bedroom unit in Hastings East, near Nanaimo and Dundas. This ground floor corner unit is in a rainscreened building with a newer roof, and had a large patio and 600sqft of interior space. The interior is still in great shape, with a good floor plan and lots of storage. The unit has in suite laundry and comes with 1 parking stall. Rentals are not allowed, so an owner-occupier would have to purchase this unit. All in all, this is a great starter condo with room to grow. The unit was listed for $239,000 and sold 5 days later for $235,000.