March Real Estate Market Update In Around Town
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.
|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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