Around Town: Sellers’ Market Transitioning
According to the Vancouver Island Real Estate Board’s (VIREB) November Statistics, sales of single-family homes from Duncan to Port Hardy were down 28 per cent from November 2017 and 21 per cent from October 2018. Despite lower demand, however, year-over-year prices of single-family homes continue to rise in most VIREB communities.
November 2018 MLS® Sales Summary – Average Sale Price
- Comox Valley: $552,483, +6% from Oct., +17% last Nov., YTD units sold -23%
- Campbell River: $437,939, 0% from Oct., +3% last Nov., YTD units sold -39%
- Port Alberni: $377,119, +14% from Oct., +46% last Nov., YTD units sold -15%
- Parksville/Qualicum: $601,374, -9% from Oct.., -2% last Nov., YTD units sold -36%
Last month, 305 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 384 in October and 426 one year ago. Apartment and townhouse sales dipped by 14 per cent and 28 per cent, respectively. An interesting observation, one made earlier this year, is that VIREB’s market has split into two in some communities: one that favours sellers for properties around $425,000 and under and one favouring buyers for higher-end homes. Overall, however, REALTORS® are reporting that multiple offers have slowed, and buyers are taking more of a wait-and-see approach.
Excerpts from VIREB vireb.com: December 1 press release
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