Single family home sales followed a normal seasonal trend and were down slightly compared to the previous month in the Vancouver Island Real Estate Board Region (excluding the Victoria region), with 312 sales compared to 343 in October, though up from the 304 units sold in November 2018. Apartment sales dropped 8% compared to November last year with 65 sales, and townhomes dropped 33% with 26 sales.
Inventory of single family homes rose 8% from last year going from 1,065 units on the market to 1,155. Apartment inventory also increased, from 319 to 368, a 15% increase. On the other hand, the number of townhomes available for sale dropped from 177 to 123, a 31% drop.
The board-wide benchmark price for a single family home of $517,100 in November is slightly down from the previous month while being up 3% from November 2018. Apartment benchmark prices also rose 3% from November last year to hit $297,000 but was down 1% from the previous month.
November 2019 Regional Summary of Benchmark Prices of Single Family Homes Compared to Nov 2018:
Campbell River $440,200 +5%
Comox Valley $530,200 +5%
Duncan $479,500 +2%
Nanaimo $558,400 +<1%
Parksville-Qualicum $576,500 +2%
Port Alberni $329,000 +6%
Victoria $855,400 +1.2%
As for trends, VIREB’s market is generally balanced while slowly moving towards a buyers market in some areas. Home sales and listing activity remain typical for the region and for the season. While some buyers are waiting for the spring market, other buyers are still showing interest. For this market, comprehensive marketing and pricing are key.
Correctly presented properties are continuing to sell. There are abundant opportunities depending on your area, property type, and price range, especially for moving-up buyers. Please contact us for a free consultation with a Neal Estate Team Area Specialist.
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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.