The East Van Condo Market is still incredibly busy. A lot of people are looking to get into the real estate market, and condos are the gateway. The sales to active ratio is at 60%, which is down over the year’s 90% high, but places us firmly in a Seller’s Market. We’ve been in a Seller’s Market (Sales to Active Ratio of 20% or more) for East Van Condos since January 2015. The average sales prices is steady at $511,810 with a median of $458,888.
Great properties in high demand neighbourhoods should still see a lot of interest from Buyers.
Take a look at the price difference between 1 bedroom, 2 bedroom and 3 bedroom condos in East Van:
Lots of people are still looking to get into the Vancouver Real Estate market so I don’t expect it to slow down considerably thanks to limited inventory and affordability. With more inventory, Buyers may have a little more choice and hopefully, can push through “subject” offers. Will more inventory affect prices? I don’t think prices will drop, but I think prices will level out (rather than continue to increase) with fewer multiple offer situations.
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