The Neal Estate Group's Real Estate Market Update for Vancouver Island for March 2022
Posted by Ron Neal on Saturday, March 12th, 2022 at 10:19am.
Reviewing February’s Real Estate Market on Vancouver Island, we saw seasonal factors come into play while underlying factors continue to show tight sales and tighter inventory. Across both sales and inventory, we saw increases from January but decreases from the previous year. What that means is that the beginning of spring has brought out both sellers and buyers (as is usual), but not enough sellers to change the market conditions, and that sales are being restricted by the inventory.
Digging into the numbers, there was a total of 1281 sales on all of Vancouver Island in February 2022. 563 of those sales were in the Vancouver Island board area (VIREB) and the rest were in the Victoria board area (VREB). If you are interested in the Victoria numbers check out our separate post Here. Breaking down the VIREB numbers by property type in February, 360 single-family homes sold as well as 112 condos and 91 townhomes. Here is the year over year and month over month change in sales volume by property category:
Year/Year | Month/Month | |
Single-family homes | -13% | +64% |
Condos | -13% | +23% |
Townhomes | +13.1 | +32.9% |
Single-family home listings increased 34% over the course of February but decreased 12% from the end of Feb 2021. Condo inventory increased 7% from January and decreased 31% from last year while townhomes had no change month over month and dropped 27% from last year.
Here is a regional breakdown of benchmark prices and the year over year changes:
Port Alberni | $569,800 | +53% |
North Island | $438,100 | +50% |
Campbell River | $699,900 | +28% |
Comox Valley | $820,600 | +30% |
Cowichan Valley | $804,300 | +29% |
Nanaimo | $852,800 | +38% |
Parksville-Qualicum | $962,200 | +40% |
Victoria | $1,196,300 | +26.1 |
For our thoughts on the future of the market and for our team highlights, check out our Victoria Update.
If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please call or test 250-386-8181 or simply 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
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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.