East Vancouver Real Estate Market Update Blog – June 2016
Hello WeLoveEastVan.com readers! We’re into June which is usually one of the most active months of the year as people buy their next properties and sell their current properties before the summer heat and weekend trips kick in. At the end of the day, the sales activity in the market right now is still unprecedented so it’s hard to say what will happen to the market and when: will it keep increasing? slow down over the summer? slow down in the fall/winter months? Only time will tell, though it’s hard to fathom that the market can keep going at this rate.
Overall, inventory was up over last month which is positive news for Buyers, and positive news for everyone (including us!) who are hoping we’ll move towards a balanced market. A balanced market means that properties that are listed will sell, though Buyers have a little more choice, a little more negotiation room and a little more time for due diligence. Personally, I’ve had some lucky Buyers recently who managed to jump on listings that didn’t sell in multiple offers (often thanks to being over priced) and units where the first Buyer ended up terminating their conditional offer, giving us the chance to swoop in with a second offer. Having said that, the really desirable units that check off every box on a Buyers wishlist will still have a lot of competition. As for average price, detached houses in East Van are slightly down to $1,645,859, townhouses are down to $776,530 and condos are up to $502,725. We’ll detail what’s happening in each market a little more thoroughly in out specific blogs below.
For the graphs below, Green is Detached Houses, Blue is Townhouses and Orange is Condos.
Sales to Active Ratio:
Average Sales Price:
If you haven’t already, give us a call to chat real estate. Not only do we love talking about it, but we can give you some insight, tell you some stories and make sure you’re on the right path to buying a great place. There’s a lot more to a unit than what you read online, and with units ranging from being underpriced to overpriced, we can help you decipher what’s actually happening. When you find the unit you love, we can make sure that you’re submitting a good offer, especially when it comes multiple offers. You don’t want to find your dream home (or dare I say, a deal) and find yourself unprepared to secure it.
For potential Sellers out there – Give us a call or fill out our East Van home evaluation! Whether your building just had a surprisingly high sale, or hasn’t sold a unit in years, we can make sure you’re priced right to enjoy a smooth and successful transaction. Our team will impress with our marketing plan, strategy and attitude.
For potential Buyers out there – Keep at it! Make sure you’re pre-approved for a mortgage (contact one of our mortgage brokers for more info) and get in touch with us to talk about the next steps. This market is tough to navigate, and in order to submit strong contracts to win in multiple offers, you need a good agent on your side.
Otherwise, enjoy the sun, the weekend festivals and everything this beautiful city has to offer. Use the nice weather to check out different areas of the city to see what it would be like to live in different neighbourhoods.