The Neal Estate Team's Real Estate Market Update for Vancouver Island for April 2020

March 2020 managed to maintain normal levels of sales for the month in the Vancouver Island Real Estate board area despite COVID-19. With 333 single-family home sales in March, up 22.2% from the previous month and 7.5% up from March the previous year. Condo sales, on the other hand, were down 44% from March 2019, but townhomes were up 40% in the same period.

There were 1,181 active single family listings available at the end of March, up around half a percent from listings available March last year. The number of active condo listings was up 29% compared to last year bringing the number of listings to 400. The number of townhomes on the market dropped 18% with 147 active listings. Moving forward it is likely we will see a decrease in properties coming on to the market until this health crisis has subsided or slowed. Many of The Neal Estate Team’s clients have decided to market their property with our “Coming Soon” program until we have a little more clarity in what the future holds.

COVID and social distancing have changed the way realtors are marketing both Coming Soon and active listings. The Neal Estate Team have been using remote and virtual technology very effectively for years assisting successfully many of our out of town buyers. We are experienced experts, far ahead of the curve offering full Virtual Reality 3D Tours, Laser Floor Plans and Professional Video on all of our listings. Our very mature and well developed Coming Soon Program gives Sellers a great head start, attracting hundreds of online viewings, inquiries and interest before opening the doors to showings. We are also offering LIVE Interactive Virtual Open Homes in safe and qualifying instances. We are equipped to market and show our listings remotely and virtually and handle all other aspects of the real estate process. Whether buying or selling, now or in the future, we invite you to join us for a Free Virtual Consultation today.

As for home prices, according to the Home Price Index, board-wide benchmark prices were generally up. Single-family homes rose 4% from last year to $521,400. Condos increased 7% compared to last year and almost 1% from February 2020 to hit a benchmark price of $314,700. Townhomes were up 4% from last year, 2% from the previous month and hit a benchmark price of $417,900.

Though it is likely that COVID will temporarily dampen the housing market and the economy in general, once the spread of the virus has stabilized, there should be a recovery to what we're seeing in terms of growth and activity both in the economy and in the real estate market. After that period of stabilization, we may even see greater demand as people feel a sense of security in real estate vs. the stock markets.

If you are considering Buying or Selling, please Contact us Here and ask about featuring your home on www.VictoriaComingSoonListings.com to help hit the ground running when we get to the other side of this.

Thank you for your trust in us as we navigate these challenging circumstances together.

The Neal Estate Team
Your Victoria & Vancouver Island Real Estate Experts
“Go with those who know!”
www.RonNeal.com
www.HomesOnVancouverIsland.ca