Around Town VIREB April Market Update
According to the Vancouver Island Real Estate Board’s (VIREB) April Statistics, while demand has been decreasing, prices in the VIREB area are still rising. VIREB REALTORS® are seeing price reductions on higher-priced homes while demand is still relatively strong for houses in the $400,000 to $550,000 range. For all VIREB regions (Duncan to North Island) the total unit sales decreased by 13%, while Port Alberni was the only area to report an increase at 15%.
April Multiple Listing Service® Sales Summary
- Comox Valley: $612,997, +6% from Mar., +9% last Apr., YTD units sold -17%
- Campbell River: $486,735, +4% from Mar., +15% last Apr., YTD units sold -2%
- Port Alberni: $663,136, +15% from Mar., +7% last Apr., YTD units sold +15%
- Parksville/Qualicum: $364,290, +12% from Mar., +8% last Apr., YTD units sold -5%
Inventory of single-family homes in April rose by 22 per cent from one year ago (1,056 compared to 1,289), the highest it’s been since August 2018. Active listings of apartments climbed by 16 per cent (260 to 301) year over year and townhouses by 23 per cent (162 to 199). Whether rising inventory levels will be enough to lower prices and make housing more affordable remains to be seen.
Excerpts from VIREB May 1 press release
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