East Vancouver Real Estate – May 2016
Hello WeLoveEastVan.com readers! It’s May, which is typically the most active month in Vancouver Real Estate in terms of sales – with a high number of listings and strong sales. Unfortunately, inventory numbers are still not quite where they should be for this time of year (based on previous years data) though interest is still strong, which means the competition buyers are dealing with likely won’t stop. Thankfully, our team has bee getting more and more calls from potential Sellers, so we might see a few more listings hit the market in the next few weeks. Some good news – with the great (!) weather we’ve been having, we’ve been seeing more and more units with drool worthy outdoor spaces and great natural light.
Overall, inventory is up for houses (slightly above last years monthly total), down for condos after a slight increase in February and is flatlined for townhouses. As for average price, detached houses are up 5% to an average of $1,656,000 ad townhouses are up 7% to an average of $819,000. The average price of condos is down 2% to $475,000. East Van has quite a range of product and prices, so the numbers are relative to neighbourhood and construction, which we detail a little further in our specific market update blogs.
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)
Sales to Active Ratio:
Average Sales Price:
Typically, inventory numbers drop in the summer months as people’s focus is elsewhere, but with unusual inventory activity so far this year, the summer slow down isn’t a guarantee. Having said that, it’s always a good time to start the process – whether chatting with a realtor or a mortgage broker, or having conversations with your family about your options. This is not an easy market to navigate – prices are all over the price, almost every offer goes into multiples and and everything moves really quickly. Do yourself a favour and sit down with an agent on our team to hash out the details of what you’re looking for and how that aligns to the current marketplace. You don’t want to find your dream home (or dare I say, a deal) and find yourself unprepared to secure it.
For potential Sellers out there – Give us a call or fill out our East Van home evaluation! Whether your building just had a surprisingly high sale, or hasn’t sold a unit in years, we can make sure you’re priced right to enjoy a smooth and successful transaction. Our team will impress with our marketing plan, strategy and attitude.
For potential Buyers out there – Keep at it! New listings are being added every week and we’re entering into the busiest part of the Spring season which typically sees an increase in inventory compared to the first few months of the year. Make sure you’re pre-approved for a mortgage (contact one of our mortgage brokers for more info) and get in touch with us to talk about the next steps. This market is tough to navigate, and in order to submit strong contracts to win in multiple offers, you need a good agent on your side.