East Van Detached House Market Update: March 2015

13.03.2015

Detached Houses in East Van

Houses in East Van are selling as quickly as they’re listed. There aren’t enough good homes for sale to satisfy the demand of Buyers looking for an updated home in a good neighbourhood. We’re seeing multiple offers every week, with homes selling for over asking price: stats show an average of 101.6% of the sale price – the highest it’s been in years – though that percentage is much higher for finished, move in ready homes with good floor plans).  After a 57% increase in the number of sales in January, Detached Houses in East Van showed a 41% sales to active ratio, with a 71% sales to active ratio in the $600k to $1.25-million price bracket. Average detached prices are now over $1.1-million, which that average likely higher for neighbourhoods closer to downtown (Mount Pleasant, Main, Fraser, Knight and Victoria).

House Sales in East Vancouver

330_E45

The most expensive house sold in East Van last month was this gorgeous 2014 built modern home on East 45th at Sophia. This home was built on a 37’x122′ and has the best of the best. Gorgeous finishings, well thought out floor plan, two bedroom basement suite, and stunning details. This home was listed for $1,989,000 and sold 5 days later for $2,225,000 in multiple offers.

480_E24

One of the least expensive house sales in East Van last month was this old timer home on East 24th, just south of King Edward. The property is on a small lot, 25’73’, and the home needs a full renovation or tear down. The home was listed for $638k and sold a week later in multiple offers for a high, high price of $778k. Considering that the house needs hundreds of thousands of dollars in renovations, and it right by a busy street, this Buyer overpaid.

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