The Neal Estate Group's Real Estate Market Update for Vancouver Island for December 2022
Posted by Ron Neal on Thursday, December 15th, 2022 at 12:56pm.
Vancouver Island Real Estate - In November 2022, a total of 746 properties were sold throughout Vancouver Island, across both the Victoria and Vancouver Island Real Estate Boards (VREB and VIREB). Of the 362 sales reported by the VIREB, 244 of these were single-family homes, 54 were condos, and 64 were townhomes. For more information on the VREB numbers, please click HERE to read our full report.
| Year/year | Month/month | |
| Single Family Dwellings | -30% | -2% |
| Condos | -50% | +29% |
| Townhomes | -52% | -10% |
Last month, there were 1,195 active listings of single-family detached properties, compared to 1,360 in October and 301 in November 2021. The inventory of condos was 286 units, up from 64 one a year ago, but down from 314 in October. In addition, there were 266 row/townhouses available for sale last month, compared to 296 in October and 64 one year ago. Inventory in the VIREB area is nearing its 10 year historical average wich is great news for buyers.
The benchmark price, according to the Home Price Index, of a single-family home climbed to $772,800 in November, an increase of 5% from one year ago but down by 2% from October. In the apartment category, the benchmark price was $414,900 last month, a 10% increase from November 2021 and up slightly from October. The year-over-year benchmark price of a townhouse rose by 6% to $566,300 but dropped by 3% from October. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes (all are down from their respective peaks):
| Campbell River | $679,200 | +1% |
| Comox Valley | $807,900 | +3% |
| Cowichan Valley | $793,500 | +5% |
| Nanaimo | $800,100 | +6% |
| Parksville/Qualicum | $887,000 | +2% |
| Port Alberni | $552,200 | +9% |
| North Island | $462,700 | +20% |
| Victoria | $1,307,100 | +4.6% |
While the year over year prices are higher, all regions are down from the previous month.
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca
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The Neal Estate Group is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.