The Neal Estate Team's Real Estate Market Update for Vancouver Island for November 2019

Generally stable from the Cowichan Valley to the Comox Valley, the number of single-family homes sold in Nanaimo in October 2019 was down 11% from the same month in 2018 and on par with the previous month. For the same period, Condo sales were also down 9% and townhomes 22%.

In all of the Vancouver Island Real Estate Board (excluding Victoria Region) there were 343 single family homes sold in October, down just 2 from 345 the previous month and down 10% from 384 in October of 2018. In the same time 88 condos sold and 42 townhomes.

The number of active listings available for sale increased over the last year with single family inventory up 14% from 1,1732 a year ago to 1,333 at the end of October 2019. Condo listings increased 16% from 322 to 373 in the same period, contrary to townhome inventory which dropped 21% from 167 to 132.

The benchmark price of a single family home across the entire real estate board VIREB was up 4% from a year ago to $521,800, which was also down slightly from the previous month. The benchmark for condos also rose year over year by 3% to $300,200 and townhomes by 1% to $402,300.

2019 October Regional Summary of Benchmark Prices of Single Family Homes Compared to Oct 2018

Campbell River          $446,300     + 6% 
Comox Valley            $531,400     + 5%
|Duncan                      $485,300     + 3%
Nanaimo                     $559,500    + <1%
Parksville-Qualicum  $583,900     + 3%
Port Alberni reached  $336,100     + 11% 
Victoria                       $857,700     - 2.5%

Trend-wise, VIREB’s housing market is balanced in most areas, with home sales and listing activity at typical levels for our region. Buyers are negotiating competitively and are willing to walk away and wait, so smart pricing is a must for sellers. “This is a more comfortable market for people on both sides of the real estate transaction,” says VIREB president Kaye Broens. “But correctly pricing your home is the key to a quick sale and may even result in multiple offers. Overpriced properties tend to linger, and that risk increases in a balanced market.” Broens adds that pricing your home to sell isn’t easy, so sellers and buyers may want to consider using a REALTOR®. “We have access to tools and market analytics that empower us to dig deeply into sales data and comparatives,” says Broens. “That knowledge allows us to determine an optimal selling price for your home and find a house that fits your needs and budget.”

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