The statistics for market activity have been released by VIREB (Vancouver Island Real Estate Board) and certainly continue to show lack of inventory and strong demand.
With regards to Single Family Homes so far this year, in comparison to same period in 2017, there have been 12% less listings and as a result 12% less sales. The Active inventory at the end of February was 18% less than February 2018 and the Average Sales Price is up 26% ($616,128 vs $490,371).
With regards to Patio Homes there were 16% more listings (22 vs 19) and number of sales are up 13%. Active inventory is down 10% and the Average Sales Price is up 25% ($446,218 vs $377,193) over the same time last year.
Also BCREA (British Columbia Real Estate Association) has released their updated Housing Forecast which is indicating that there will be 10.8% less residential sales on Vancouver Island (Malahat north) in comparison to 2017 and the average sale prices will increase by 7.6%. Which indicates lack of supply and strong demand will continue throughout the year.
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