The Neal Estate Team's Real Estate Market Update for Vancouver Island for July 2021
Posted by Ron Neal on Wednesday, July 14th, 2021 at 2:53pm.
Single family home sales for June 2021 in the Vancouver Island Island Real Estate market (excluding the Greater Victoria area) hit 533 transactions, only 2 less sales than in May and 11.2% less than June the previous year. Condos also decreased with only 134 sales in the month, 10% down from the previous month. Lastly, townhomes decreased the most with an 18% drop from May and a 15% drop compared to June last year.
As sales cooled, inventory managed to creep up a little with 2% more single family homes on the market at the end of June compared to the end of May. Condos listings were up 16% in the same time comparison, townhomes were up 23%. While an increase in inventory is a great sign, we are still very undersupplied and there will need to be a large influx of new listings to reach anything resembling a balanced market. Provincially, new unit addition has been under half the population growth in the province (between 2010 and 2020).
Benchmark price according to the Home Price Index for single family homes in the board area hit $714,700, a 3% increase from the previous month and 31% up from June the previous year. Condos rose 3% from May and 21% from June 2020. Townhomes were up 4% from May and 34% from the previous year.
Here are the regional benchmark prices and year over year changes:
| Campbell River | $627,600 | +9% |
| Comox Valley | $756,400 | +30% |
| Cowichan Valley | $693,200 | +29% |
| Nanaimo | $728,200 | +31% |
| ParksvilleQualicum | $824,000 | +30% |
| Port Alberni | $468,100 | +41% |
| North Island | $372,600 | +41% |
| Victoria | $1,063,500 | +18.6% |
We at the Neal Estate Team celebrated the easing of restrictions by holding our weekly team meeting on the ocean in kayaks this week and we are all looking forward to serving up turkey dinner at Our Place Society next week for our annual Christmas in July dinner. To get involved or if you are interested in joining our team, click here
If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.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.