EAST VANCOUVER CONDO MARKET UPDATE – SEPTEMBER 2017
The East Van condo market had a 94% sales to active ratio last month, which is still really busy and is the second higher sales to active ratio I’ve ever seen aside from June 2017. The lowest it’s been this year was 38% back in January, which is still a strong Seller’s market. Having said that, I had saw a couple conditional (i.e. not subject free deals) sneak through this past month, so even though things were selling, Buyers had less competition. The sales to active ratio was 143% for 1 bedroom condos (so there is a lot of demand), 81% for 2 bedroom and 17% for 3 bedrooms (this is low because many 3 bedroom units are either quite expensive or leasehold units).
The average price was $520k ($844/sqft) for a 1 bedroom, $721k ($773/sqft) for a 2 bedroom and $958k ($849/sqft) for a 3 bedroom unit in East Van. On average, prices have been trending upwards for years, with the biggest change starting at the beginning of 2015.
This market will stay busy throughout the fall. Looking back on the last couple of years, inventory didn’t change as much as everyone hoped.
Here are the numbers:
(Orange is 1 Bed Condos, Blue is 2 Bed Condos, Green is 3 Bed condos and Purple is East Van Condos in general)
For the Buyers out there.. get your financing in order and start working with a real estate agent. Thanks to the always evolving 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. It’s possible to buy in this market, but preparation is key.
For the Sellers out there.. give us a call if you’re thinking about selling. Putting a little effort into your listing can do wonders, and we can make sure you’re doing it right.
Don’t hesitate to contact us if you have any questions about buying or selling condos for sale in East Vancouver. Also, if you’re looking to buy a condo in East Vancouver check out our Buyers Guide.
