The Neal Estate Team's Real Estate Market Update for Vancouver Island for December 2020
Posted by Ron Neal on Friday, December 4th, 2020 at 11:20am.
The Vancouver Island Real Estate Board Area finally started to see the beginning of a seasonal slowdown, while still far outpacing sales volume compared to last year. At the same time, inventory continued to lag and is likely to fall behind further as we head into the holiday season.
December 2020 saw a 19% decrease in sales volume of single-family homes compared to November. Another reason, other than seasonality, that could be at fault for the slow down is the lack of available listing, which we will talk about later. While slower than October, November was still 33% higher in sales volume than the same month last year with 422 sales. The market continues to surprise.
Condos had a similar story to single-family homes except that this segment had been lagging behind in previous months and in November had an extra boost as buyers were forced to consider new options. There was a 17% decrease compared to October but a whole 65% increase compared to last year in sales volume of condos.
While the number of sales continued to surprise experts and fortunetellers alike, inventory continued its slip towards that “nothing really being on the market” number. The number of single-family homes for sale dropped 26% from 733 available listings to 541, end of October to the end of November. Condos and townhomes were each down 8% and 27% from last month. The near future of the inventory problem seems unlikely to change quickly too as most potential sellers will stay put for the holidays.
Benchmark prices according to the Home Price Index rose cross-property type, year over year, board-wide. Single-family homes were up 4% at $540,300 in December while condos also were up 4% hitting $310,200. Townhomes had the biggest jump at 9% hitting $441,600
Taking a look regionally:
| Campbell River | $475,900 | +8% |
| Comox Valley | $544,900 | +3% |
| Duncan | $502,100 | +5% |
| Nanaimo | $564,500 | +1% |
| Parksville/Qualicum | $620,100 | +7% |
| Port Alberni | $326,800 | +<1% |
| North Island | $237,300 | +18% |
| Victoria | $903,100 | +5.3% |
There are opportunities for almost everyone in the current market, buyers getting into the market with cheap mortgages, investors looking to hold onto properties, sellers of either condos or single-family homes, and anyone in between. Despite it being a classic “seller's market” anyone with the right guidance can come out ahead.
If you would like to know how we are beating the market and helping our clients win, please click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VictoriaComingSoonListings.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 Team
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca
Leave a Comment
 - Copy.png)
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.