The Neal Estate Team's Real Estate Market Update for Vancouver Island for December 2019

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.

P.S. Ask us about our new home seller programs for INSTANT OFFER or Your Home Sold in 30 Days...Or We Sell it *FREE! Click HERE for Free Market Value Estimate!