The East Van Condo Market was as busy as expected in January. The first few weeks were slow as people settled back into a routine after the holidays, and once properties started hitting the market, Buyers who have been looking since the Fall jumped at the opportunity. Multiple Offers are still common and prices are still strong.
The sales to active ratio was at 42%, with a median price of $400,000 and an average price of $440,000. There was an increase in total inventory over December, most of it being new inventory. Mount Pleasant and Collingwood still make up most of the inventory, with Grandview, Hastings, Renfrew performing well.
Here are some actual REBGV stats detailing the Saves to Active Ratio and Average Sales Price of condos in East Van. I separated the graphs this month into existing properties and new construction so you get a sense of how the different types of property perform in the market.
(Green is existing properties, Blue is new construction)
Sales to Active Ratio – New Construction vs Re-Sale:
Average Sales Price – New Construction vs Re-Sale:
As always, the biggest considerations to make when buying a condo are whether or not the unit/building/location works for your lifestyle and future plans, the quality of the building and it’s value. It’s our job to help you decipher the value and the building quality, so contact us to talk about what you need to know when looking for a new home.
Don’t hesitate to contact us if you have any questions about the market.