The 1st five months of the year have already come and gone, where did it go? The latest statistics for real estate activity in the greater Parksville Qualicum Beach is out as is the Second Quarter Housing Forecast by BCREA (British Columbia Real Estate Association).
The month of May, keep in mind only 1 month, resulted in a crease in sales of 37% in comparison to May 2017. When we look at the 1st 5 months of the year there has been a 21% decrease in the number of sales of Single Family Homes. Interesting enough the change in volume of sales varies throughout the region: Qualicum Beach +3%, French Creek -30%, Parksville -305, Nanoose Bay -17%.
With regards to average sale prices for May was up by 11% in comparison to May 2017. The average sale price for Single Family Homes for the 1st five months of the year are up 19% versus the same time frame in 2017. Across the region average sale prices are up though this percentage does vary from 12 to 34%, overall average sale price was $623,677. The number of active listings at the end of May is up 20% in comparison to end of May 2017.
The 2nd Quarter Housing Forecast by BCREA predicts that for the Province of BC we will see a decrease of 9% in the number of sales and yet an increase in the average sale price of 5.1% which seems to be somewhat consistent with the latest local stats. If we look at the VIREB (Vancouver Island Real Estate Board) region they are predicting that overall we will see a 12.4% decrease in number of sales and yet an increase in average sale prices by 4% for Single Family Homes.
The state that two factors mitigating a slowing provincial economy for the Vancouver Island-Coast housing market are it attractiveness to both retirees and the millennial generation.
If you would like to discuss your particular situation or would like additional details for your specific region or style of housing contact TeamW and we would be pleased assist.