What’s happening with Townhouses in East Van?
The townhouse market in East Vancouver has been pretty steady the past few months. New townhouse complexes are a common addition to the inventory levels here, though they do generally sell out quickly because they only offer a handful of units per development. Townhouses with 3 bedrooms are desired as long as the bedrooms are on the same floor or one below the other. An extra den or nice outdoor space is ideal.
View all East Vancouver Townhouses for Sale
The sales to active ratio is 100% for 1 bedroom townhouses, 14% for 2 bedroom townhouses and 52% for 3 bedroom townhouses. The number of townhouses sold in East Van every month is generally not more than 35-ish, so it’s a small number of units to affect the averages and numbers each month, so this market has a lot of ups and downs depending on the month.
The HPI for townhouses in East Van was $933,500 last month, up from $770,800 last year at this time and up each month this year. The average price this past month was $967,871 ($743/sqft) while the median was $1,030,000 ($775/sqft). Breaking this down further, the median price was $955,000 for two bedroom units and $1,049,000 for three bedroom units.
Inventory for townhouses in East Van isn’t particularly high right now, but it’s not as low as we’ve seen recently. There are 54 three bedrooms for sale (up from 24 at this time last year), 22 two bedrooms for sale (up from 16) and 3 one bedrooms for sale (up from 0). The high increase in 3 bedroom units for sale is great to see, and most of these are new listings (rather than properties that haven’t sold in the last few months). It’s a mix of newer complexes and more townhouse owners making the jump to houses.
I’ve seen a few good buys cross my desk lately. Like I mentioned in my general recap, the marketing is slowly down, and you’ll find a few Sellers who are caught in a “must sell” situation because they’ve already bought. If a property is overpriced, or has been sitting on the market for more than a week, don’t forget to exercise some negotiation power.
Give me a call at 778-387-7371 or shoot me an email at [email protected] if you have any questions about the market, or want to chat about buying or selling.
