East Vancouver Condo Market Update – June 2016
The East Vancouver Condo Market saw a slight decline in it’s sales to active ratio, though it’s still at a very strong 82%.
The total inventory is still really low – it’s sitting at 222 listings – whereas the lowest inventory amount in 2015 was 301 listings in November, and 506 listings at this time last year. With those numbers, no wonder the market is busy! There just isn’t anything to buy, which drives up competition for each listing. The average percent of original price is at 104%, which means listings are selling, on average, 4% higher than the list price.
The average price per sqft is at $606/sqft, and the average sales price is $503k though price can still vary when you consider different neighbourhoods and different types of buildings. The average price was at $474k last month and $431k at this time last year.
Take a look at how the price of 1 bedroom condos compares in various neighbourhoods:
Take a look at how the price of 2 bedroom condos compares in various neighbourhoods:
The hot spots are still Mount Pleasant, Commercial Drive, Hastings, Downtown and Fraserview. New developments have been really popular in the last few years, often selling out in the first few weekends if not right away. Developers have caught on, and pricing for new developments is not quite the deal it used to be.. now you’re paying a premium for the new build, and still have to wait for construction and hope the finished product doesn’t differ much from the plans.
Don’t hesitate to contact us if you have any questions about condos for sale in East Vancouver.