NVI Market Update Aug 2020

North Vancouver Island Market Update for August 2020

 
By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island

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North Vancouver Island Real Estate Market Update for August 2020

The monthly North Vancouver Island Real Estate Market Update for August 2020 shows compared to a year ago, August 2019, a decrease in sales for the entire local area. Overall residential sales from last August in North Vancouver Island were up 16% and up while the average days to sell decreased overall by 72% from last August. The sales over the last 12 months are down currently 21%, the market is slow but strong.  

The Single Family statistics for this month point to rising average prices in both the North Vancouver Island. The market is slow at times.

  •  Single Family homes sales show rising average prices, the market is slow but strong.  
  • In North Vancouver Island, the average single-family 12-month price reached $261,728, up by eleven percent from one year ago. 

“Our housing market rebounded from the COVID-19 downturn far more quickly than expected. Pent-up demand, low-interest rates, and persistent supply shortages are
fueling the recovery.” VIREB president Kevin Reid.

“The outlook for the B.C. housing market is much brighter following a surprisingly strong recovery. We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.” Brendon Ogmundson, BCREA Chief Economist.

BCREA expects unit sales on Vancouver Island to hit 8,300 in 2021, a 15 percent increase over the 7,200 sales projected this year.

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
Single Family - NVI - Aug 2020 The Average 12 Month to Date Sale Price ↑ increased by 11.2% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was 261728. There are 5 Months of Inventory of Single-Family in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory increased to 50 Active Listings. There were 24 units listed and 10 units sold.

PLEASE NOTE: SINGLE FAMILY property does NOT INCLUDE acreage with a house, condominiums, duplex/triplex, mobile homes/on a pad, single-family waterfront or single-family strata. LOTS do NOT INCLUDE acreage or waterfront acreage.
Lots
Lot - NVI - Aug 2020 The Average 12 Month to Date Sale Price ↓ decreased by 40.96% ↓ from the previous 12 month period. The 12 Month to Date Average Sale Price was $77,455. There are 7.83 Months of Inventory of Lots in North Vancouver Island. It is currently a Avg. Buyers Market. This month’s Inventory decreased to 47 Active Listings. There were 3 units listed and 6 units sold.
Apartment Condos
Apartment Condo - NVI - Aug 2020 The Average 12 Month to Date Sale Price ↑ increased by 29.18% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $67,821. There are 11 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 22 Active Listings. There were 5 units listed and 2 units sold.
Townhouse & Patio Condos
Townhouse Condo - NVI - Aug 2020 The Average 12 Month to Date Sale Price ↑ increased by 1.19% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $102,489. There are 9 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 18 Active Listings. There were 4 units listed and 2 units sold.

Market Legend

  • Seller’s Market – In a seller’s market, conditions are favorable for sellers to get higher prices for their homes. The number of buyers who want homes exceeds the number of homes available. In this type of market, the homes sell quickly, prices will increase, and a large number of buyers are available for a minimal inventory of homes. These characteristics have implications for the buyer who has to make decisions quickly, must pay more, and frequently has their conditional offers rejected.
  • Balanced Market – In a balanced market, the number of homes on the market is equal to the demand or number of buyers. Houses sell within a reasonable period, the demand equals supply, sellers accept reasonable offers, and prices are generally stable. The implications for the buyer in this type of market are that the atmosphere is more relaxed. There is a reasonable number of homes from which to choose.
  • Buyer’s Market – A buyer’s market allows buyers to come in at lower prices. The supply of homes on the market exceeds the demand or the number of buyers. Homes will be on the market longer, fewer buyers will be available compared to the higher inventory of homes, and house prices are reduced. The implications for the buyers in this type of market are more favorable, negotiating leverage, more time to search for a home, and better prices.

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Meet Gord

Gord is the owner of PropertyGuys.com in the Comox Valley & North Vancouver Island. Gordon is a private sales expert who loves helping people sell their own homes and save tens of thousands of dollars. He has created this website to help others sell their homes privately. For more information, download his free Guide to Selling Without an Agent.

PropertyGuys.com has developed a system that has helped over 90,000 private home sellers in Canada to sell their homes successfully. PropertyGuys.com is the largest private home sales network in Canada.

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