East Vancouver Townhouse and Half Duplex Market Update – March 2016
The East Van townhouse and half duplex market had an overall 83% sales to active ratio (huge number.. this market is busy!). The average price was $732,860 while the median price was $699,000. Inventory decreased by 20% 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 March 2015 (currently sitting at 103%) which means the average sales price is above the list price.
The most active markets are Mount Pleasant, Knight, Hastings and Grandview.
Here are some actual REBGV stats detailing the Saves to Active Ratio and Average Sales Price of townhouses and half duplexes in East Van. I separated the graphs this month into 2 bedroom units in East Van vs 3 bedroom units in East Van vs 4+ bedroom units in East Van. This will give you an idea of the different markets. Having said that, there is still a vast different in price and other market conditions when this is broken down further into neighbourhood.
(Green is Two Bedroom Townhouses, Blue is Three Bedroom Units, Orange is Four Bedroom Units)
Sales to Active Ratio – Two Bedroom Townhouses vs Three Bedroom Condos vs Four Bedroom Half Duplexes
Average Sales Price – Two Bedroom Townhouses vs Three Bedroom Condos vs Four Bedroom Half Duplexes
Total Inventory – Two Bedroom Townhouses vs Three Bedroom Condos vs Four Bedroom Half Duplexes
Take a look at the inventory numbers. They’re very low, and given the activity in the Detached House Market, a lot of Buyers are looking to townhouses and half duplexes rather than houses, which has only created more competition. The City’s restrictions on zoning and new development have made additional inventory slow to materialize.
Don’t hesitate to contact us if you have any questions about the market or are looking to chat about selling your East Van townhouse or half duplex. You can also fill out our East Van Home Evaluation form.