The year is almost over, hard to believe. In looking at the latest statistics for the greater Parksville Qualicum Beach area released by VIREB it has been an active year though down from 2016 as predicted in # of sales. However values did increase mainly due to lack of supply and strong demand.
Overall for Single Family homes there have been 8% less homes listed and 16% less sales however the average sale values have increased by 14%. The average # of days on the market has gone down by 23% to 26 days. The overall current number of active listings at the end of November are down by 6% in comparison to November 2016.
Keep in mind that the above numbers vary for different geographic areas. As an example Parksville has seen a drop in the number of new listings by 9% and average sale prices up by 10% while Nanoose Bay has seen an increase of 3% in listings and a 16% increase in average sale prices. If you would more detailed information on geographic regions or different styles of properties contact TeamW at firstname.lastname@example.org .
Also BCREA (British Columbia Real Estate Association) has released their Fourth Quarter Housing Forecast and for the Vancouver Island Real Estate Board area (Malahat north) they are forecasting a continuing drop in the number of single family home sale, -7.9%, and a continuing increase in average sale prices by 2.4%. Keep in mind that in January of this year they forecasted a 2% increase in average sale prices and we are going to end up with approximately a 14.5% increase.
All the best,
Rudi & Trish