The Neal Estate Team's Real Estate Market Update for Vancouver Island for January 2020
Posted by Ron Neal on Tuesday, January 7th, 2020 at 10:21am.
December 2019 saw an increase of 40% sales of single family dwellings (SFD) in Nanaimo, BC, compared to the same month in 2018, 237 sales this year compared to 169 sales last year. As expected, sales in December decreased from 312 sales in November (24%). Sales volume of condos was 68% higher December 2019 compared to the same month the previous year!
Although the sales volume for the last month of 2019 was higher than 2018, the total sales volume for the year was 9% lower with 4,119 sales compared to 4,539 sales in 2018.
Listings active and available on the market decreased 19% from November to 937 listings at the end of 2019, very close to the 934 listings that were active at the end of 2018. The inventory of condos at the end of 2019 increased by 10% compared to end of last year, increasing from 270 to 298.
Keeping with last month, the Vancouver Island Real Estate Board (VIREB) area continues the trend of a balanced market. While some specific areas are moving toward a buyers’ market, other areas are still feeling pressure from inventory, especially in the lower end of the market, making it a good time to list.
The VIREB wide benchmark price December 2019 for a single family dwelling was 5% up from last year at $518,000 and slightly up from November 2019. Board wide sales volumes for condos was up 4% getting to $304,600.
December 2019 Regional Summary of Benchmark Prices of Single Family Homes Compared to December 2018:
|
Campbell River |
$423,900 |
+2% |
|
Comox Valley |
$528,600 |
+4% |
|
Duncan |
$484,700 |
+6% |
|
Nanaimo |
$562,00 |
+4% |
|
Parksville-Qualicum |
$583,400 |
+1% |
|
Port Alberni |
$324,500 |
+9% |
|
Victoria |
$855,000 |
-1% |
Its that time of year that you should have received your property value assessment notice. It is important to note that that BCAA value reported was effective July 1, 2019. It is also important to note that your BC Assessment value seldom reflects current/accurate value due to the fact that they do not reinspect the property and are often unaware of updates or other factors. If you feel the reported value on your property is inaccurate and would like it reviewed to be increased or decreased, you have until January 31st to contact BCAA and initiate a review. We are happy to provide area sales information to support your appeal. You can find your property tax assessment here! To receive information and updates on current listings and recent sales in your neighbourhood, including the sold prices, click here or call us for assistance.
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!
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.