March Real Estate Market Update In Around Town

April 6, 2023

Your Weekly Construction Briefing

Last month, 381 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 26 per cent decrease from one year ago and a 73 per cent increase from February. Sales of condo apartments came in at 66 units, declining by 46 per cent from March 2022. In the row/townhouse category, 77 units sold, down 26 per cent.

The VIREB March Monthly Statistics Package shows a monthly increase in sales, but inventory levels remain low in the Vancouver Island Real Estate Market. Read more at Building Links.
SF MLS ®Average Sale $$ Increase
Comox Valley$853,308-12% last March
Campbell River$678,065-19% last March
Parksville/Qualicum$888,275-17% last March
Port Alberni/West$586,638-17% last March

Inventory is higher, but still below what’s needed to achieve a balanced market. Active listings for single-family, condos and townhomes rose to 1506 compared to 799 in March 2022. Well-priced properties are receiving multiple offers, while overpriced homes are taking longer to sell.

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $731,400 in March 2023, down 11 per cent from one year ago and a slight dip from February.  Average prices for March were $770,930 (single-family), $404,760 (condo apartment), and $579,637 (townhouse). Median prices were $749,800 (single-family), $384,000 (condo apartment), and $570,000 (row/townhouse). For the North Island, the benchmark price of a single-family home increased by four per cent to $423,600.

Source: VIREB Market Stats

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