The end of September real estate statistics for the Greater Parksville Qualicum Beach area have been recently released by the Vancouver Island Real Estate Board (VIREB) . Last month there seemed to be the end of the decrease in number of sales, well apparently 1 month is not a true indicator. September has seen quite a decrease, in the greater Parksville Qualicum Beach area were 50% less Single Family Homes sales versus September 2017. The number of listings for September was also down 23% and as a result the number of Active Listings remains virtually the unchanged (49 versus 50).
The average price of homes sold in September was 22% less that the same time for 2017, though year to date still up 3%.
However the stats are reflective of the overall area however not of some of the sub areas. As an example here are the numbers for Parksville and Nanoose Bay:
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Susie & Karen
The end of August real estate statistics for the Greater Parksville Qualicum Beach area have been recently released by the Vancouver Island Real Estate Board (VIREB) and indicates maybe the decline in the number of sale is behind us. In August 2018 versus August 2017 there were 6% more Single Family Homes sold (67 versus 63). This is a significant difference than a 30% decrease in July.
The average time on the market has effectively stayed the same at 23 days on average to sell. However the active inventory is significantly higher than August 2017, up 50% (198 versus 132). However the average sale price still remains stronger by 3% at $604,254.
If we look at the changes in a broader scope and compare the first 8 months of 2018 to the same period in 2017 we will find the following:
Make it a Great Day!
Rudi, Susie and Karen
The shift in the market certainly continues. Certainly fewer sales and increased inventory seems to be the trend. For Single Family Homes in the greater Parksville Qualicum Beach area the number of sales for July 2018 were down 30% compared to July 2017 (66 versus 94). Number of homes for sale at the end of July is up 54% compared to July 2017 (186 versus 121) however it is interesting to note that the average number of days to sell has changed slightly, July 2018 was on average 27 days while last year was only 24.
Year to date the number of sales or the first 7 months of the year is down 25% in comparison to the same period last year (397 versus 526). Average sale price is still higher than last year, up 17% ($621,305 versus $529,786).
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The real estate market continues to be active however there is definitely a shift and we are heading towards more of a balanced market. Most new listings are taking longer to sell and there are definitely less sales occurring over the last number of months.
For the greater Parksville Qualicum Beach area Single Family Home sales for the month of June were down 29% from June 2017. The number of new listings has not really changed, a 1% increase however the Active inventory is up 28% (177 / 138). Prices continue to be strong and are up 14% in comparison to June 2017.
If we look at the bigger picture than just one month Year to Date the numbers are as follows for Single Family Homes:
These numbers vary within various sub-regions in the area however the numbers are considerably smaller. If you would like to additional details or wish to discuss your situation contact us at email@example.com or 250-468-1498.
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.
The media has been reporting a change in the market and that there are considerably less sales of real estate this year than last year. The statistics at the end of April certainly confirm this as in the greater Parksville Qualicum Beach area we have seen 15% less sales of Single Family Homes during the first 4 months of the year when compared to the same time in 2017. However please note that sale prices remain strong and the average price of what has sold has increased by 22%. Average sale price of homes that sold in the first 4 months is $628,294. Interestingly enough the average number of sales in April were only down 3% compared to 2017 though the average sale price in April was $611,880 – less than the 4 month average and yet up 14% from April 2017.
Personally we have noted a ‘shift’ though unsure what the shift was. However during the last couple of weeks the market has been more active and we are thinking the ‘shift’ was a pause. This pause may have been a result of tightening mortgage rules as well as the Province’s announcement of Speculation Tax – now known not to be directly affecting the Parksville Qualicum Beach region.
We welcome any questions that you may have and would be pleased to discuss your situation or any questions that you may have. Contact TeamW at firstname.lastname@example.org or 250-468-1498.
The latest real estate statistics for the greater Parksville Qualicum Beach area are out and we feel that there has been an influence about what ‘was’ the proposed Speculation Tax by the Provincial Government. Please note that recently the Provincial Government has announced that the greater Parksville Qualicum Beach area will not be included in the proposed Speculation Tax. Given the unknown details and who and what would be affected by the tax it appears that the market slowed down until people got more clarity.
In the area for the 1st three month of the year we have seen 7% less listings than the same time in 2017 and a decrease in the number of sales by 21% and 33% for the month of March. Yet average sale price for the month of March (53 sales) was $667,542 which is an increase of 28% from March 2017.
The active inventory at the end of March remains the same as last year at 121 single family homes.
For the City of Parksville sub-region the number of listings are down 30% while the number of sales were down 45% for the 1st 3 months of the year. Active inventory at the end of the month was down slightly from the end of March 2017, 31 vs 33. The average sale price in March for single family homes was up 15% from March 2017, average sale price of $527,350 vs $458,627.
Now that it is very clear that the Speculation Tax will not be applied to the greater Parksville Qualicum Beach area we expect that the activity levels in the market will increase.
If you have any questions about your situation or statistics for different sub-regions in the area, or for different property style, do contact us at email@example.com or 250-468-1498 as we would be pleased to hear from you.
Make it a Great Day!
Rudi & Trish
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.
If you wish further details or wish to discuss your current real estate situation contact us at firstname.lastname@example.org or 250-468-1498.
Well it is hard to believe that we are into February already. 2018 is certainly continuing with the trend of low supply and high demand. In the greater Parksville Qualicum Beach area for single family homes the month of January saw 9% less listings than January 2017 and 9% more sales. As a result at the end of January the active number of listings was down 23%, only 86 versus 111 a year ago. The average sale price for January was 20% higher than January a year ago ($606,874 versus $506,159).
If we look at Patio Homes (Condo) in comparison, though the volume of numbers are considerably less, the number of listings in January were up 57% and the number of sales were down by 12% yet the average sale price was up 20% ($474,129 versus $396,250). The number of active listings at the end of the month was very similar with 9 this year versus 8 last year.
If you would like any additional information for various styles or locations within the area contact TeamW at email@example.com or call us at 250-468-1498 and we would be pleased to supply additional details and discuss your particular situation if desired.
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.
TeamW - Susie Mattner & Karen Hayes