Around Town: Home sales shifting
Housing demand in the Vancouver Island Real Estate Board (VIREB) area, Duncan to Port Hardy, has shifted lower in the first half of 2018. Despite lower sales thus far, lack of inventory continues to tilt the market in favour of sellers and push prices upwards.
June 2018 Sales Summary
Comox Valley: $546,000, -4% from last month, +7% from last year. Units sold down 31%.
Campbell River: $484,000, +2% from last month, +29% from last year. Units sold down 21%.
Port Alberni: $360,000, +6% from last month, +20% from last year. Units sold down 39%.
Parksville: $606,000, 0% from last month, +14% from last year. Units sold down 29%.
Powell River: $349,000, -1% from last month, -2% from last year.
The British Columbia Real Estate Association predicts that over the next eight months, VIREB’s market will begin shifting towards more balanced conditions. In the meantime, competition for homes – especially in the $300,000 to $500,000 range – is still modus operandi in the VIREB area, with multiple offers a commonplace occurrence on properties in that price range.
Excerpts from VIREB’s Monthly Statistics for June.
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