East Vancouver Condo Market Update – December 2016
The condo market in East Van is still quite robust given the recent changes to the mortgage market and government real estate regulations – and for good reason. Condos are still the first rung on the property ladder and are of interest to young buyers, upsizers, downsizers and investors.
The sales to active ratio is a strong 67%, which is up from last months 41% and down from the year’s high of 91%. There are 220 current listings which is around the year’s average for inventory, with 148 sales reported last month, which is up from last months 109 (which was also the year’s low). As for prices, the average was $503k while the median was $451k, which is just over the average for the year,
Breaking that down into 1 bedroom vs 2 bedroom vs 3 bedroom condos in East Van, and we get:
One Bedroom Condos in East Van: $430k average price, $673/sqft, 83% sales to active ratio
Two Bedroom Condos in East Van: $623k average price, $688/sqft, 55% sales to active ratio
Three Bedroom Condos in East Van: $951k average price, $758/sqft, 23% sales to active ratio
Average Sales Price of Condos in East Van
Average Sales Price: Take a look at the average price difference for condos in a few different neighbourhoods in East Van.
Sales to Active Ratio of Condos in East Van
Sales to Active Ratio: Take a look at the sales to active ratio for condos in a few different neighbourhoods in East Van.
For the Buyers out there, keep your finger on the pulse. You’ll have less competition over the holidays, and though you’ll have less inventory to choose from, you only need to see the condo you’ve been looking for.
For the Seller’s out there, a nice presentation of your home is especially important, as well as fixing some of the small issues Buyers may notice. Spend some time over the holidays planning to do some minor renovations in your home and cleaning some cluttering. You want to remove all of the issues Buyers may have with the unit in order to pull the highest price possible.
Don’t hesitate to contact us if you have any questions about buying or selling condos for sale in East Vancouver.