It’s already July which means it’s time to look back at June and evaluate what happened in the East Van Housing Market.
To kick it off here are some notable numbers to look at:
East Van Townhouses:
- 40 Sales
- 40 Active Listings
- Average days on Market = 11
- Average Price per Square Foot = $553
- Average sale price – $784,310
- Average % of sale price to list price = 105.7%
What do these numbers mean? It shows that EVERYTHING is selling. Literally every townhouse listed in June sold (40 for 40). 11 days on the market shows that inventory is still selling very quickly and likely after the first weekend of showings. Average price per square foot may seem low as we are starting to see a lot of condos downtown sell for well over $1,000/sqft; however, some of these townhome sales were quite far south and in some older buildings. Remember, you generally get less per square foot the larger the home gets. Generally townhomes don’t get the same $/sqft as condos. The last number in that list is 105.7%. What this means is that we are still seeing townhomes sell for over asking price. The average winning bid in June was 5.7% over asking.
East Van Detached Homes:
- 164 Sales
- 546 Active Listings
- Average days on Market = 15
- Average Price per Square Foot = $751
- Average sale price – $1,682,106
- Average % of sale price to list price = 105.6%
The detached market continues to rise in East Vancouver. The sales to active ratio dipped this month but still favours sellers as it still remains at 30%. 15 days on the market is less than in May (22) and we are continuing to see sales over asking price by 5.6% on average. If inventory goes up this should come down, but we are are yet to see this in 2016.
East Van Condos:
- 185 Sales
- 183 Active Listings
- Average days on Market = 15
- Average Price per Square Foot = $680
- Average sale price – $525,072
- Average % of sale price to list price = 105.9%
The condo market in East Van is red hot. I am seeing a lot of investors open up their eyes to areas that they would not have looked at previously. Mount Pleasant is quickly becoming one of the hottest areas in the city and Main Street was just voted one of the top 15 most hip cities in North America. http://globalnews.ca/news/2800219/vancouvers-main-street-called-one-of-north-americas-coolest-streets/
We are seeing over asking bids averaging out to just under 6% on condo sales and inventory can’t seem to keep up with demand.
