East Vancouver Real Estate Market Update for August 2016
East Vancouver property prices and sales still trending down in August 2016.
Average sale price for East Vancouver hit $911,560 in August, down from the top in May $1,113,960. Current house price is $1,506,000 down from the peak in July of $1,706,000. Towhomes sit at $743,000 down from the peak in July of $850,000. Condos are at $511,000 down from $525,000 in June. House prices remain 14% higher than a year ago, townhomes are up 22% higher than a year ago and condos are 16% higher than a year ago.
East Side sales clocked in at 213, down from the peak in March of 448. House sales in August were 80, down from the peak in May of 221. Townhome sales in August were 18, down from 39 in June. Condos peaked in March at 209 and now sit at 115. August sales are down 26% compared to August 2015.
New listings in August were 446, down from the peak in May of 442.
Total listings are currently are flat at 877 and back to the same levels as October last year and equal to August 2015.
Sales to active ratio is 24, down from the peak in March when it was 67.
Percentage of original price sits at 97% for houses, 100% for townhomes and 103% for condos.
Days on the market are flat at 19, the lowest its been since January when it was 39
Total dollar volume peaked in May and is now 60% lower but remains 23% lower than a year ago.
East Vancouver's real estate market is returning to a more normal market, better balanced between buyers and sellers but the number of listings remains on the low side and the demand has never been stronger, but this has now been impacted by the much higher property prices, effecting buyers affordability. Maybe we will see a flat market for the remainder of the year.
Here to answer your real estate questions any time. Call Maggie 604-328-0077