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The Neal Estate Group's Real Estate Market Update for Vancouver Island for May 2022

Posted by Ron Neal on Thursday, May 12th, 2022 at 2:44pm.

Vancouver Island Real Estate saw an increasing gap between new listings and units sold with new listings coming out on top in the month of April 2022. This dynamic eased pressure further and allowed a little bit of much-needed inventory to build. That said, the easing of pressure does not mean it isn’t still a hot market and the inventory situation is still keeping sellers in a strong position.

Digging into the Numbers, there was a total of 1,551 sales on Vancouver Island in April with 727 of them taking place in the Vancouver Island Real Estate Board Area (the rest in the Victoria board area). Of those 727 sales, 507 were single-family homes, 114 were condos and 96 were townhomes. Here is how those numbers look as percentage changes from the previous month and year over year.

  Month/Month Year/Year
Single Family Homes -13% -3%
Condos -11% -6%
Townhomes -9% -9%

Single-family home inventory in the VIREB area increased 34% compared to April last year and 32% from the previous month. Condo listings on the market increased 18% from March but were 13% lower than at the end of April last year. Townhome listings increased 39% year over year and 52% from last month.

VIREB board-wide single family homes hit a benchmark price of $881,800 while condos hit $462,100 and townhomes came in at $657,300. Here is a regional break down of benchmark prices and year over year changes for single family homes:

VIREB Board-Wide $881,800 +34%
Campbell River $769,800 +31%
Comox Valley $878,400 +27%
Cowichan Valley $871,900 +36%
Nanaimo $907,600 +33$
Paksville/Qualicum $1,027,000 +38%
Port Alberni $615,200 +46%
North Island $437,400 +39%
Victoria $1,266,200 +26.9%

For our thoughts on the future of the market and for our team highlights, check out our Victoria Update

If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, 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 Team

The Neal Estate Team 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 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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