The Neal Estate Team's Real Estate Market Update for Vancouver Island for August 2020
Posted by Ron Neal on Monday, August 10th, 2020 at 10:02am.
Single family home sales returned to near-normal levels this July with 574 sales, only 1 unit sale over June 2020, and 20 sales over July the previous year. Condos on the other hand still struggle as buyers seem to look to get out of multi-family building situations. July saw a 14% decrease in condo sales compared to the same month last year and townhouse sales decreased by 16%. All together sales were down 4% year over year with a grand total of 892 properties sold.
While sales levels begin to return to normal, inventory is still low (on a provincial level). The pressure from low inventory and returning demand from buyers has led to an increase in price across many market areas including Vancouver Island. The board-wide benchmark price for single family homes rose 6% year over year and 2% from the previous month to $545,700. Benchmark values for condos hit $312,800 up 4% from the previous year and slightly from the previous month.
Here is a breakdown of regional benchmark values and how they have changed year over year:
| Campbell River | $456,000 | +5% |
| Comox Valley | $557,500 | +8% |
| Duncan | $500,200 | +6% |
| Nanaimo | $593,600 | +7% |
| Parksville-Qualicum | $604,900 | +2% |
| Port Alberni | $342,700 | +7% |
| Victoria | $910,000 | +5.7% |
Despite all these numbers, it remains hard to determine any solid future prediction. Much of the activity can still be attributed to “pent up demand” from a slower spring market. If activity continues to be at these levels (or anywhere near it) we will know that low lending rates are having a major effect on the market. The single family home market specifically cannot likely sustain this level of activity so if you are considering selling your home, today is the best day (although demand may continue in this segment as buyers look to get out of multifamily buildings in our COVID era). As we move into Fall we will continue to see what this new un-normal normal really is but for now, it is a tremendous time to sell your home.
If you are considering Buying or Selling, and wand to find out how we are outpacing the market, please click Here to contact us for a FREE consultation. Ask us about featuring your home on VictoriaComingSoonListings.com to ensure the best results and we hit the ground running together as 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
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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.