The Neal Estate Team's Real Estate Market Update for Vancouver Island for June 2020
Posted by Ron Neal on Friday, June 5th, 2020 at 4:48pm.
The Vancouver Island Real Estate Board saw a surge in sales as restrictions eased in May 2020. While not back to pre-COVID numbers, the board had a 23.1% increase in single-family home sales compared to April reaching 246 sales (still down 46% from May 2019). Condo sales were up 61.3% from April with 44 units sold, 56% down from the previous year. Although sales volume was down across the board, The Neal Estate Team, thanks to our Coming Soon Program, outpaced the market and actually increased our number of sales from the same month last year.
The number of active single-family home listings on the market at the end of May 2020 was 14% lower than May 2019 with 1,282 homes available. Condo inventory on the other was up 21% compared to last year with 410 units on the market.
Single-family homes and condos each saw a 3% increase in VI board-wide benchmark values reaching $528,899 and $306,400 respectively (although SFD were up slightly from April while condos were down slightly). The board-wide benchmark price for a townhouse was $423,300, also up 3% from last year.
Regional benchmark prices and changes year over year:
| Campbell River | $449,900 | +5% |
| Comox Valley | $532,000 | +2% |
| Duncan | $482,100 | +3% |
| Nanaimo | $575,300 | +3% |
| Parksville-Qualicum | $594,800 | 1% |
| Port Alberni | $331,200 | 6% |
| Victoria | $885,400 | 2.6% |
No one can 100% predict the future (despite our crystal ball) but the commonality in projections and modeling from economists predict any downward momentum to correct in the fourth quarter and for the market to return to its normal state in 12 months. It could be much faster than that and we will have a much clearer picture in the next couple of months.
If you are considering Buying or Selling, and wand to find out how we are outpacing the market, please click Here to contact us for a FREE consultation. Ask us about featuring your home on VictoriaComingSoonListings.com to ensure the best results and we hit the ground running together as we get to the other side of this.
Thank you for your trust in us as we navigate these challenging circumstances together.
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.