On all of Vancouver Island, including the Victoria Real Estate Board (VREB) and the Vancouver Island Real Estate Board (VIREB), there was a total of 1,243 sales in the month of March 2024. Of those sales, 655 were on VIREB and 588 were on VREB. To deep dive into the Victoria numbers and for a broader market discussion click HERE.

Breaking down the VIREB numbers (and focusing on VIREB for the rest of this blog), there were 291 single-family homes (excluding waterfront and acreages), 84 condo sales, and 82 townhouse sales. Here is a table showing the year-over-year and month-over-month comparison for those property types:

Looking at inventory, there were 1,741 active listings at the end of March, up from 1,506 a year ago. 1,084 of those listings were single-family homes, 324 were condos and 333 were townhomes. All up from last year in their category.

Benchmark price according to the Home Price Index for a board wide single family home hit $765,600, up 5% from last year and 2% from February. Board-wide condos hit $395,000 up 2% from last year and last month. Lastly, townhomes came in at $545,200 up 1% from last year and similar to February.

As VIREB is a wide area it helps to look at the breakdown by each region. Here is a look at single-family home benchmark prices in the different areas:

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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. 

Vancouver Island Real Estate Market Update [March 2024]

Looking at the Victoria Real Estate Board (VREB) and the Vancouver Island Real Estate Board (VIREB) combined there were 851 sales on the whole island, about 22.6% more than in February last year. A lot of that sales growth came out of VIREB with VREB only up 2.2% in the month. Of those sales, the Victoria region accounted for 470 sales and more can be read about that area (and a broader market discussion) HERE.

Looking at the VIREB numbers, there were 254 single-family home sales, 68 condo sales, and 59 townhome sales. Here is a table showing the year-over-year and month-over-month comparison for those property types:

In the inventory department, active listings hit 951 units at the end of February, down from 937 units a year ago. Condos came in at 293 units up from 253. Lastly, townhomes listings had 328 units compared to 251 last year.

As for price, the board wide benchmark price (according to the Home Price Index) for a single-family home came in at $753,500 up 6% from last year and 1% up from January. Condos hit $387,4010 up 3% YoY and 2% from the previous month. Townhomes came in at $546,500 up 2% from last year and down slightly from the previous month.

Here is the continuation of the price graph we shared last month but only going back to the peak (this is for single-family homes across VIREB):

And here is a regional breakdown of the benchmark prices for a single-family home and their year-over-year changes:

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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. 

Vancouver Island Real Estate Market Update [February 2024]

Vancouver Island, with both real estate boards combined, reported 580 sales in January which is about 10% more than the combined total in February last year. Between the two areas, Victoria is showing stronger year-over-year numbers while Vancouver Island is lagging a bit. Of the combined total, 341 were in the Victoria Board area and the rest were in the Vancouver Island Real Estate Board (VIREB) area. For a deep dive into the VREB numbers and a broader market discussion click HERE. Breaking down the VIREB numbers by property type, there were 152 single-family homes, 47 condos, and 40 townhouse units sold in January. Below is a table with the year-over-year and month-over-month changes for each type:

As for VIREB inventory, single-family homes on the market increased at the end of January 2024 to 861 units from a staggeringly low-low of 257 last year (down 4% from December). Condos had 239 active listings up from 108 last year and also 4% down from the proceeding month. Townhomes jumped from 66 to 229 in the same period.

Looking at pricing, the Home Price index had single-family homes up 6% over last year and 1% down from the previous month. Condos came in at $380,600, down less than 1% from last year and about the same from the previous month. Townhomes were priced at $546,600, 2% up from last year and down less than one percent from December.

Here is a good visual of some recent key price points:

Here is a regional breakdown of the benchmark prices for a single family home and their year over year changes. It’s worth noting that almost all are down slightly from Decemeber.

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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. 

Vancouver Island Real Estate Market Update [January 2024]

There were 7,297 total sales reported on the Vancouver Island Real Estate Board VIREB) in 2023. Adding in the numbers from the Victoria Real Estate Board (the two boards comprising the whole island), we had a total of 13,504 sales on our island. For context, the two boards totaled 14,614 sales in 2022 and a whopping 21,097 in 2021. For a deeper dive into the Victoria numbers and more general market predictions CLICK HERE.

Getting into the VIREB numbers, in the month of December there were 151 single-family home sales, 39 condo sales, and 39 townhouse sales. Below is the year-over-year and month-over-month change for December:

As for inventory, there were 1,297 listings for sale at the end of the year. By property type, there were 769 single-family homes (down 11% from last year), 257 condos, and 244 townhomes.

Looking at price according to the Home Price Index, the board-wide price for a single-family home was $753,000, 5% up from the end of December 2022 and 1% down from November. Condos came in at $384,500 up 3% from last year. Lastly, townhomes came in at $544,200, up 2% YoY. Breaking it down by region, here is a look at single-family home benchmark prices and their year-over-year change:

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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. 

Vancouver Island Real Estate Market Update [December 2023]

In November, Vancouver Island recorded a total of 736 sales, a 4.3% decline compared to the total sales in the prior month. Within this total, 394 transactions occurred in the Victoria Board area, with the remaining sales taking place in the Vancouver Island Real Estate Board (VIREB) area. Breaking down the VIREB statistics by property type, there were 236 single-family homes, 56 condos, and 50 townhouse units sold in November. The table below has the year-over-year and month-over-month changes for each property type in the VIREB area. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.

Inventory of single-family homes dropped 12.97% year over year with 1,040 listings on the market at the end of November 2023, a drop of 155 listings. There were 285 condos on the market at the end of the month only one single listing more than last year. Lastly, there were 282 townhomes on the market, 5.7% more than the previous year.

Looking at pricing trends, benchmark prices, according to the Home Price Index, came in at $760,100 for single-family homes, $388,300 for condos, and $555,000 for townhomes. All of these categories were up in the 1-4% range year over year but down 1-2% from the proceeding month. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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 Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca

Vancouver Island Real Estate Market Update [November 2023]

In October, Vancouver Island had a total of 769 sales, reflecting a 15.9% decrease compared to the combined sales from the previous month. Of these transactions, 407 took place within the Victoria Board area, while the rest occurred in the Vancouver Island Real Estate Board (VIREB) area. Examining the VIREB statistics by property type, there were 244 single-family homes, 60 condos, and 58 townhouse units sold in September. The table below has the year-over-year and month-over-month changes for each property type. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.

The number of listings for single-family homes experienced a decrease, falling from 1,360 in the previous year to 1,153 by the close of October 2023. Within the VIREB region, the inventory of condo apartments dropped to 307 last month, down from 314 listings in October 2022. Regarding townhomes, there were 265 properties on the market last month, down from the 296 listings one year ago.

Examining pricing trends, benchmark prices, as indicated by the Home Price Index, came in at $767,600 for single-family homes, $394,300 for condos, and $557,400 for townhomes. These prices are still all up year over year but down from the preceding month (except in the townhouse category which is more volatile because of the low number of that property type). Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:

In Campbell River, the benchmark price of a single-family home was $658,500 last month, up five per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose seven per cent to $839,700. In the Cowichan Valley, the benchmark price was $772,600, a one per cent increase from October 2022. Nanaimo’s year-over-year benchmark price rose by two per cent to reach $802,500, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $881,700. The cost of a benchmark single-family home in Port Alberni was $509,200, down two per cent from the previous year. For the North Island, the benchmark price of a single-family home decreased by six per cent to $412,000. (Victoria we take from the Victoria update)

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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 Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca

Vancouver Island Real Estate Market Update [October 2023]

In September, on Vancouver Island, the amalgamated data from both real estate boards revealed a total of 915 sales, marking an 11.1% decrease compared to the combined sales from the prior month. Out of this overall number, 493 transactions were within the Victoria Board area, while the remainder occurred in the Vancouver Island Real Estate Board (VIREB) area. Delving into the VIREB statistics categorized by property type, we find that 266 single-family homes, 85 condos, and 71 townhouse units were sold in September. Below is a table with the year-over-year and month-over-month changes for each type. Below is a table with the year-over-year and month-over-month changes for each type. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.

The count of single-family home listings saw a decrease, dropping from 1,417 in the previous year to 1,173 by the end of September 2023. Within the VIREB region, the inventory of condo apartments decreased to 305 last month, down from 332 listings in September 2022. As for townhomes, there were 239 properties on the market last month, representing a slight decline compared to the 295 listings from one year ago.

Taking a closer look at pricing trends across the board, benchmark prices, as determined by the Home Price Index, reached $776,200 for single-family homes, $399,100 for condos, and $556,400 for townhomes. These prices exhibited an upward trend in all categories year-over-year and month-over-month, with the exception of the townhome segment, which experienced a modest decrease compared to the previous month. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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 Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca

Vancouver Island Real Estate Market Update [September 2023]

In August, Vancouver Island, when the data from both real estate boards is combined, recorded a total of 1030 sales, marking a 9.4% increase compared to the combined sales in August of the previous year. Out of this overall figure, 544 transactions took place within the Victoria Board area, while the remaining occurred within the Vancouver Island Real Estate Board (VIREB) area. Diving into the VIREB figures based on property type, we see 324 single-family homes, 85 condos, and 77 townhouse units were sold in August. Below is a table with the year-over-year and month-over-month changes for each type. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.

The count of available listings for single-family homes decreased from 1,368 the previous year to 1,072 at the end of August. In the VIREB region, the inventory of condo apartments decreased to 308 last month, down from 332 listings in August 2022. For townhomes, there were 254 properties on the market last month, representing a slight decline compared to 280 listings from one year ago.

Examining the pricing trends, across the entire board, benchmark prices according to the Home Price Index for single-family homes reached $770,500, condos came in at $397,900, and townhomes were priced at $560,400. Comparing year-over-year, single-family homes and condos experienced slight decreases, whereas townhomes remained nearly unchanged. In month-over-month comparisons, townhomes and condos showed slight declines, while single-family homes saw an increase of $500. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:

Vancouver Island Real Estate Market Update by The Neal Estate Group [August 2023]

Vancouver Island, with both real estate boards combined, reported 1193 sales in July which is 21.8% more than the combined total in July last year. Of that total, 510 were in the Victoria Board area and the rest were in the Vancouver Island Real Estate Board (VIREB) area. Breaking down the VIREB numbers by property type, there were 414 single-family homes, 98 condos and 86 townhouse units sold in July. Below is a table with the year-over-year and month-over-month changes for each type. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.

The number of active listings for single-family homes decreased to 1,092 from 1,387 the previous year. The inventory of condo apartments in the VIREB area dropped to 312 last month, down from 336 listings in July 2022. For townhouses, there were 262 properties available for sale last month, a slight decrease from 267 listings one year ago.

Looking at price, board-wide single-family homes hit a benchmark price of $770,000 while condos hit $399,600 and townhomes came in at $561,500. All were down from last year and the previous month except condos which went up 1% from June. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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 Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca

Vancouver Island Real Estate Market Update by The Neal Estate Group [July 2023]

The Victoria Real Estate Board (VREB) reported 705 property sales in June 2023 while the Vancouver Island Real Estate Board (VIREB, everything north of the Malahat) reported 636 sales. Of the VIREB sales, 424 were single-family homes, 111 were condo sales, and 101 were townhomes. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.

In June, the number of active listings for single-family homes decreased to 1,105, down from 1,204 during the same period last year. VIREB's inventory of condo apartments, on the other hand, increased to 319 listings last month, up from 295 listings in June 2022. Additionally, there were 274 row/townhouses available for sale last month, indicating a notable rise from 222 listings in June of the previous year.

The Benchmark Price (MLS® Home Price Index) for a single-family home stood at $759,900. This is an 8% decline from the previous year but a positive uptick of 1% from May. For condos, the benchmark price in June was $395,000, marking a 6% decrease compared to June 2022, yet a 1% increase from May as well. As for townhouses, the year-over-year benchmark price in June came to $558,600, a 5% decrease from the same period one year earlier, while a 2% increase from May.

Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes (all are down from their respective peaks):

If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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 Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca