What’s Happening in the East Van Real Estate?
Happy March Everyone! I have to say, this has been one of the busiest starts to the year that we’ve seen in a long time. Across the board, listings are up, sales are up, prices are up an days on market is down. The market in general is showing a lot of activity, in every neighbourhood and in many different price points. We’ve seen a lot of units go into multiple offers a few days after being listed, thanks to a high demand from prospective Buyers who are financially ready and knowledgeable of both the market and what they want in a home. Many Buyers have unfortunately been involved in a few unsuccessful multiple offer attempts, which increases the desire to secure a good property when it’s listed. Mortgage rates are low, which gives some Buyers an extra financial lift, and with all the sunny days we’ve been having, properties show better and get people out of the house to view them.
Buyers absolutely need representation while trying to navigate this active, fast paced market. Having knowledge of value, the process, what’s new to the market and what’s coming soon can give you a leg up over other Buyers who have their own professional representation. Connect with us – we will make sure our Buyers know what to expect and find a great property, for the right price.
After a 57% increase in the number of sales in January, Detached Houses in East Van showed a 41% sales to active ratio, with a 71% sales to active ratio in the $600k to $1.25-million price range. Average detached prices are now over $1.1-million, which that average likely higher for neighbourhoods closer to downtown (Mount Pleasant, Main, Fraser, Knight and Victoria). Townhouses in East Vancouver had double the number of sales over January with average and median prices over $700k. The condo market in East Vancouver is had 50% more sales this month compared to January, with a 17% increase in prices over last month.
Market Updates: East Van Condos, Townhouses and Houses
For a more detailed analysis of the East Van markets, check out our blogs:
The numbers show a Seller’s market right now, indicated by a very high sales to active ratio – if you have a property to sell, there are enough Buyers out there to garner some interest if the property looks clean, well maintained and has great photos.
Contact the WeLoveEastVan team if you want to sit down and chat a little more about the market, and what you’re looking to buy or sell.