2017 ended as forecasted, less sales than 2016 and yet increased average sale prices. Overall in the greater Parksville – Qualicum Beach region reported sales for Single Family Dwellings decreased by 15% and yet average sale prices were up 9%. Also there were 9% less listings for the year.
The lack of inventory continues along with high demand. In the month of December, typically a slower time, there were 17% more sales than December 2016 and by the end of the year the active inventory was 15% less than at the end of 2016 for single family homes.
Keep in mind the above information is for the overall region and for single family homes. If you would like more specific information for sub-regions within the area or for other types of property contact TeamW at firstname.lastname@example.org or 250-468-1498 and we would be pleased to provide you with the details.
BCREA’s (British Columbia Real Estate Association) forecast for the Vancouver Island Real Estate Board area for 2018 is that we will see approximately 8% less sales and values will continue to increase, forecasted currently at +2.6%.
We look forward to any comments or questions that you may have so you can make informed decisions about your personal situation.