The East Van house market is pretty hot right now, specifically: nice character homes, move in ready, close to Main St, 3 bedrooms up and a mortgage helper. Recently, in trying to book an East Van house tour for some clients, 8 out of the 11 properties I called had accepted offers or had just sold (for very close to list price). Unfortunate luck for my clients, but this shows that interest in the East Van Hosue market is strong right now. More listings will keep flooding the market and my clients will have less motivated Buyers to compete with.
In terms of the East Van Market stats, the numbers haven’t changed much since last month. Though the median sale price dropped to $910k, the average East Van house price increased to $952k, which is just thanks to the ebb and flow of the market and the quality of listings coming up for sale. The bigger story here is the change from last year! We had double the number of sales this year compared to last year, with higher prices and less inventory. Like I said, East Van Houses for Sale are in demand right now.
The biggest markets are between $800k and $1.25-million (not at all surprising), though there’s still some interest in the $600k to $800k market (which typically means it’s small, needs a big reno, or is further East).
The most expensive East Van house sale was listed for $1,968,000 and sold 4 days later for $1,780,000. This is a 2006 built, 3836 sqft house sitting on a large 48′ x 120′ corner lot a block from Langara College. The home has a 2 bedroom (unauthorized) mortgage helper/nanny suite along with many other high end finishings and amenities: hot tub, steam room, spice kitchen, 3 car garage and more.
The least expensive East Van house sale was on E King Edward (at Inverness). Listed for $519,000 and sold 25 days later for $510,000. It is a 1,600sqft 100 year old house sitting on a small 30′ x 60′ lot. This home needs renovations, but for the right Buyer, this gives them a chance to own their own detached home.
The East Van Detached House Market is one of the busiest markets in Vancouver Real Estate – if you see a home you like, let us know and we’ll get you in to see it as soon as possible.