East Vancouver Condo Market Update – April 2017
The condo market in East Van is still very busy. The current activity level for 1 bedroom condos is about equal to the high point we saw last year, but 2 bedrooms condos were quite a bit busier last year than they are now, so assume the market can be busier.
Inventory numbers have been pretty steady since January, with very slight signs of increasing. Compared to this time last year, there are fewer 1 bedroom listings available (30% decrease) and a few more 2 bedrooms available (8.6% increase). Inventory numbers often peak in May and June, so here’s hoping the trend continues and we see a few more listings available.
The average sales price for a 1 bedroom condo is $469,236 (up 17.5% over this time last year), for a 2 bedroom condo is $661,552 (up 14.3% over this time last year) and for a 3 bedroom condo is $998,142 (up 64% over this time last year). Keep in mind that many 3 bedroom condos in East Van are leasehold units or luxury 3 bedroom units, so the price variations can be really skewed. The average price of a two bedroom unit has actually been dropping since December (from $721k to $661k now). Regardless, I find the 2 bedroom market in East Van, especially Mount Pleasant, Grandview, Main, Hastings, etc, to be very busy with multiple offers and strong competition.
The sales to active ratio is a number that is really indicative of the market. It’s 114% for 1 bedroom condos , 61% for 2 bedroom condos and 100% for 3 bedrooms condos. a normal market is under 20%, which shows just how busy it is now, and has been since 2014 (wow).
Make sure you’re still doing your due diligence when it comes to buying a condo. It can be frustrating to pay for a few home inspections before finally being successful in multiple offers, but inspections are worthwhile to do so you know where the building stands in it’s current condition, and how much upcoming work you need to consider in your budget. Depreciation Reports aren’t always correct or up to date, so a professional’s opinion will bridge the gap between what’s written and what’s happening.
Take a look at the differences between the one, two and three bedrooms condo markets in East Van:
Sales to Active Ratio:
Total Inventory:
Average Sales Price:
For the Buyers out there.. get your financing in order and start working with a real estate agent. Thanks to the random nature of the current market, you need a professional opinion when it comes to what a unit is worth and how to navigate offers (having an existing relationship with a real estate agent when you’re going into the offer prices will ensure your best interests are in mind).
For the Seller’s out there.. presentation is still key. Ensure the smaller details in your home are clean and working, and spend some time decluttering to ensure your property displays as well as possible.
Don’t hesitate to contact us if you have any questions about buying or selling condos for sale in East Vancouver.
