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Market Update

Found 32 blog entries about Market Update.

Are you okay? Can we help? We care.

We would like you to know that we take the COVID-19 issue very seriously. To this point, no Neal Estate Team staff have contracted or been in contact with the virus that we are aware of.

In light of all that is happening currently, we would like to reach out to our clients and let you know the precautions and procedures we have implemented to protect the health of our clients and staff. Of course, these steps and the limitations imposed are evolving hourly as new information becomes available.

We are conducting business remotely as much as possible:

1. Utilizing digital technology for signing.
2. Whenever possible staff is working remotely from home.
3. Using the latest video-conferencing technology for ongoing meetings and

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bcrea-february-2020

Vancouver, BC – March 12, 2020.

The British Columbia Real Estate Association (BCREA) reports that a total of 5,741 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2020, an increase of 26.3 percent from February 2019. The average MLS® residential price in BC was $758,863, a 12 percent increase from $677,681 recorded the previous year. Total sales dollar volume in February was $4.4 billion, a 41.4 percent increase over 2019.

“Housing markets in BC continued to trend near long-term average levels in February,” said BCREA Chief Economist Brendon Ogmundson. “Recent declines in mortgage rates and favourable changes to mortgage qualifying rules may provide a boost to home sales heading into the spring, although

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There were 260 single-family homes sold in the VIREB (Vancouver Island Real Estate Board) area in February 2020, up 15% compared to the same month last year. Sales volume of single-family homes increased by 49% from January to February 2020. The number of condo units sold in February decreased by 19% from 2019 to 2020. Townhome units sold decreased 10% in the same time period.

Inventory rose for single-family homes and condominium properties while dropping for townhomes. There were 1,069 available single-family properties at the end of February, 8% up from the same month last year. Condos were up 37% with 358 units on the market and townhomes were down 11% to 144 listings.

Board-wide Benchmark price for single-family homes was up 3% from February

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2020 continues strong for the VREB (Victoria Real Estate Board) area, with a 33.7% increase in property sales in February compared to the same month last year, totalling 563 sales. The momentum continued from an already strong start to the year by increasing sales volume, up 37% from January to February. There were 271 single family home sales (up 23.7% from January 2020) and 175 condo units sold in February 2020 (up 35.7% from February 2019).

Inventory increased 8.6% from the end of January this year to 2,127 listings available on the market at the end of February, only 4 active listings less than what was available at the end of February 2019. Both 2020 and 2019 are well below the 10 year average for February with 3,007 active listings.

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feb13b  

BC Housing Markets Off to a Strong Start in 2020

Vancouver, BC – February 13, 2020. 

The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 percent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 percent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 percent increase over 2019.

“Housing markets in BC are off to a strong start in 2020,” said BCREA Chief Economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced

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There were 174 single-family home sales in Nanaimo, BC in the first month of 2020, 16% down from the beginning of last year (and 25% down from December 2019). Condo sales volume was 3% lower in January 2020 than it was in January 2019.

With lower sales came higher inventory with 992 single family homes available compared to 981 January last year, also up 6% from the last month of 2019. Inversely matching the decrease in sales, available condos on the market increased 3% compared to January last year to 309 available and active listings.

Competition in the low and mid-ranges of the market continue to increase despite the government’s attempts at reducing demand. Many of the government initiatives to aid mid-range buyers and combat the demand side of

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The new year started strong with 411 properties sold in the VREB (Victoria Real Estate Board) area, compared to the 329 sales in January of 2019 (a 24.9% increase), although the total sales volume only crept up 2.2% from December 2019. Single-family home sales volume was up 31.6% compared to January last year while condos were only up 6.3% January to January.

The available inventory of active listings stayed close to the December numbers with only 6 more listings, bringing the total to 1,958. This number isn’t too far off January 2019 active listing numbers which came in at 2,057.

Competition for the low and mid-price ranged properties is continuing to build as sales increase and inventory remains steady, following the classic supply-demand

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December 2019 ends a relatively flat year for home sales with 402 properties sold, 7.2% up from sale volume in December 2018 and down 30.3% down from the previous month. Compared to December last year, single family homes sales volume rose 13.8% with 198 units being sold; condos rose slightly more with 17.5% and 121 units sold.

This year’s total properties sold came in a little bit under the 10 year average at 7,255 properties sold (the 10 year average being 7,413 sales per year). 2019 total sales were up 1.47% up from 7,413 properties sold in 2018.

There were 1,952 active listings available at the end of December in the Victoria Real Estate Board area, down 1.8% from the end of 2018 and down 18.6% from November 2019.

Supply remains a key

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December 2019 saw an increase of 40% sales of single family dwellings (SFD) in Nanaimo, BC, compared to the same month in 2018, 237 sales this year compared to 169 sales last year. As expected, sales in December decreased from 312 sales in November (24%). Sales volume of condos was 68% higher December 2019 compared to the same month the previous year!

Although the sales volume for the last month of 2019 was higher than 2018, the total sales volume for the year was 9% lower with 4,119 sales compared to 4,539 sales in 2018.

Listings active and available on the market decreased 19% from November to 937 listings at the end of 2019, very close to the 934 listings that were active at the end of 2018. The inventory of condos at the end of 2019 increased by

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There were a total of 577 properties sold in the Greater Victoria area of the Victoria Real Estate Board this November, up 15.9% from November last year when 498 properties sold, but seasonally down 6.8% from October 2019. Condo sales were up 5.9% compared to last year with 161 sales, as were single family home sales with 308 units being sold, a 15.4% increase!

The total listings available for sale on the Victoria Real Estate Board Multiple Listing Services dropped seasonally 9.6% this November compared to the previous month with 2,397 properties listed. This is a 2.3% increase compared to November 2018.

The market is still generally stable now and there are continuing significant differences in activity depending on area, property type and

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