2016 was certainly a strong year for real estate, for Single Family Homes there were 15% more sales over 2015. The months of December was down 33% however we believe that is due to the unusual weather. At the end of 2016 the Active Inventory was down 44% in comparison to the end of 2015.
The average price of homes that sold was up 19% over 2015 ($482,475 versus $404,700) and the Median Price was $454,000 versus $373,000 for 2015 (+21%).
Similar statistics for Apartments, Patio Homes, Townhomes, etc. are available. Statistics are also available for the various different areas in the greater Parksville – Qualicum Beach area.
The forecast by BC Real Estate Association for 2017 for Vancouver Island north of the Malahat is to moderate though remain strong. The number of sales are expected to decline approximately 11.3% (still 13% stronger than 2015) and values are expected to increase by an additional 2.6%. The lack of supply is certainly a strong influence on these predictions.
If you would like more in-depth information for you and your segment of the market contact Trish or I and we would be pleased to supply and discuss.
To read or download the January 2017 Market Report click on the image below