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:
• 21% decrease in Number of sales, 464 vs 589
• 16% increase in Average sale price, $618,924 vs $532,386
• 18% increase in Median sale price, $579,000 vs $ $490,000
The market is shifting to a more balanced market and the urgency to purchase has decreased. Values are remaining fairly consistent and is no longer rising versus previous months in the year. Therefore it is critical to be price sensitive when listing your home.
If you would like further information, or wish to discuss your particular situation contact TeamW and we would be pleased to assist you.
Make it a Great Day!
Rudi, Susie and Karen