East Vancouver Condo Market Update – March 2016
The East Van condo market had an overall 58% sales to active ratio. The average price was $468,651 while the median price was $410,000. Inventory increased by 11% over the previous month. Homes are on the market for an average of 10 days, and the average percent of original price has been above 100% since January 2016 (currently sitting at 101.7%) which means the average sales price is above the list price.
The most active markets are Downtown Vancouver East, Mount Pleasant, Hastings and Grandview. Take a look at this graph comparing 1 bedroom condos in these neighbourhoods:
(Blue is Mount Pleasant, Orange is Grandview, Purple is Hastings, Green is Downtown VE)
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 1 bedroom condos in East Van vs 2 bedroom condos in East Van vs 3+ bedroom condos in East Van. This will give you an idea of what the different markets are experiencing. Having said that, there is still a vast different in price and other market conditions when this is broken down further into neighbourhood (Mount Pleasant is a lot more competitive than Champlain Heights).
(Green is One Bedroom Condos, Blue is Two Bedroom Condos, Orange is Three Bedrooms or More Condos)
Sales to Active Ratio – One Bedroom Condos vs Two Bedroom Condos vs Three Bedroom + Condos
Average Sales Price – One Bedroom Condos vs Two Bedroom Condos vs Three Bedroom + Condos
Total Inventory – One Bedroom Condos vs Two Bedroom Condos vs Three Bedroom + Condos
The ideal for most Buyers is to buy something with at least two bedrooms in order to offer some flexibility for the future, but unfortunately, as prices rise, that’s becoming tougher unless you change other aspects of your criteria (i.e. increasing your price, looking in different neighbourhoods or considering an older building).
Don’t hesitate to contact us when you have any questions about the East Van condo market.