The Neal Estate Team's Real Estate Market Update for Vancouver Island for January 2021
Posted by Ron Neal on Monday, January 11th, 2021 at 10:55am.
December 2020 closed the year with strong sales numbers and record-breaking low inventory. Condos specifically showed impressive sales numbers in the Vancouver Island Board area with a 94% increase in sales volume compared to December 2020. December also outperformed November in this segment by increasing 16%, which is unusual based on past seasonality. Single-family homes sales increased 25% year over year for the month of December (hitting 302 sales) but decreasing 28.2% from November. The decrease in sales is generally attributed to the lack of listings, not an easing of demand.
The number of single-family homes available on the market at the end of the year decreased 22% from the end of 2019 to hit 421 listings. Condos were down 24% in the same year over year comparison to hit 232 listings. Townhomes hit 119 listings, down 17%. As stated above, this is the lowest number of active listings at the end of a month on record in this board area.
Benchmark prices rose across the board, with single-family homes increasing 5% from the end of last year to hit $546,900. Condos almost kept pace, increasing 4% and hitting $312,000. Townhomes had a smaller sample size and are therefore more susceptible to effects from outlying data points (such as a few luxury properties) increased 10% year over year hitting $450,100.
Here is a regional breakdown of single-family home benchmark prices:
Campbell River | $473,000 | +12% |
Comox Valley | $550,800 | +4% |
Duncan | $509,600 | +5% |
Nanaimo | $569,400 | +1% |
Parksville/Qualicum | $639,100 | +9% |
Port Alberni | $328,000 | +2% |
North Island | $236,000 | +17% |
Victoria | $915,100 | +8.6% |
Its that time of year that you should have received your property value assessment notice. It is important to note that the BCAA value reported was effective July 1, 2020. 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!
Multiple offers, especially on single-family homes, have become extremely common and we have seen house prices increase accordingly to close the gap of increased buying power through lower interest rates. We saw many changes this year and some that indicated we were heading into this kind of market. We saw pent-up demand as restrictions eased and buyers shifted heavily to the single-family market. We saw uber low-interest rates, money coming out of the stock market and into the real estate market, and out of town buyers cashing out their Vancouver properties to settle on the island. We are heading into a market that while not clearly predictable in the long term is currently filled with opportunities for both buyers and sellers.
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
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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.