The Neal Estate Group's Real Estate Market Update for Vancouver Island for March 2023
Posted by Ron Neal on Wednesday, March 15th, 2023 at 11:58am.
Vancouver Island Real Estate - In February 2023, a total of 794 properties were sold on Vancouver Island, according to the Vancouver Island Real Estate Board Area (VIREB) and the Victoria Real Estate Board Area (VREB), with VIREB reporting 334 sales and VREB reporting 460. 220 single family homes, 64 condos, and 50 townhomes were sold by VIREB. For further details on the VREB numbers, please refer to our full Victoria report by clicking HERE.
| Year/year | Month/month | |
| Single Family Dwellings | -37% | +33% |
| Condos | -40% | +52% |
| Townhomes | -44% | +39% |
In February, the number of single-family homes listed increased year-over-year from 345 to 937, and from 861 in January. Likewise, condo apartment listings rose from 116 to 253 year-over-year but decreased from 239 in the past month. Townhouse listings also rose from 66 to 251 since the same time last year, and from 239 in January.
In February 2023, the MLS® Home Price Index showed that the benchmark price for a single-family home had dropped 8% from the same time in the previous year, yet increased slightly from the prior month to a total of $732,500. In the Condo segment, the benchmark price was $398,800 last month, a 1% decrease from February 2022 and a slight increase from January. Townhouses experienced a slight decline of 2% from December, to a benchmark price of $560,800.
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 | $652,600 | -6% |
| Comox Valley | $789,600 | -3% |
| Cowichan Valley | $738,200 | -7% |
| Nanaimo | $750,500 | -11% |
| Parksville/Qualicum | $848,100 | -8% |
| Port Alberni | $516,500 | -12% |
| North Island | $414,700 | -3% |
| Victoria | $1,247,200 | -5.6% |
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.
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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.