North Vancouver Island Real Estate Market Update

North Vancouver Island Market Update for March 2020

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

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North Vancouver Island Market Update for March 2020

The monthly North Vancouver Island Market Update for March 2020 and the cyclical property market trend shows not only have we been due for a correction for some time but that we are in that correction.  In January sales were sharply off. In February inventory levels have risen and sales are still depressed making it a very strong buyer’s market in the North. In March this trend continues to the benefit of buyers. 

However, in the southern Vancouver Island February sales are a positive sign that buyers are feeling optimistic as we head into spring, which is historically a busy time for real estate.

The positivity of March’s southern numbers was despite the last two weeks of March was affected by the global COVID-19 pandemic. In its most recent Market Intelligence Report, the British Columbia Real Estate Association (BCREA) states that no one knows how the unfolding COVID-19 outbreak will impact the economy long-term. However, B.C. is facing a sudden stop in economic activity with little sense of when things may return to normal. Based on BCREA’s scenario analysis, B.C. home sales and prices will likely face declines in the spring and early summer but should recover along with the broader economy in the second half of the year, contingent on the outbreak resolving.

Now more than ever sellers and buyers will rely on technology -such as virtual tours – which can help a large part of the real estate transaction occur without face-to-face interaction.

Source: Vancouver Island Real Estate Board – MLS® Statistics 

Single Family Homes
Single Family - North Vancouver Island Real Estate Market - March 2020 The Average Sale Price this year ↑ increased by 11% ↑ from last year. This year’s Average Sale Price was $234,953. There are 11.75 Months of Inventory of Single Family in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 47 Active Listings. There were 11 units listed and 4 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 - North Vancouver Island Real Estate Market - March 2020 The Average Sale Price this year ↑ increased by 10% ↑ from last year. This year’s Average Sale Price was $38,205. There are 10 Months of Inventory of Lots in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory remained the same to 20 Active Listings. There were 2 units listed and 2 units sold.

Apartment Condos
Apartment Condo - North Vancouver Island Real Estate Market - March 2020 The Average Sale Price this year ↑ increased by 13% ↑ from last year. This year’s Average Sale Price was $61,850. There are 9 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 18 Active Listings. There were 5 units listed and 2 units sold.
Patio Condos
No Patio Condos Sold
Townhouse Condos
Townhouse Condo - North Vancouver Island Real Estate Market - March 2020 The Average Sale Price this year↑ increased by 18% ↑ from last year. This year’s Average Sale Price was $105,107. There are 10 Months of Inventory of Condos (Twnhse) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 10 Active Listings. There were 5 units listed and 1 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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