NVI - Real Estate Market - Dec 2020
 
By: PropertyGuys.com on Vancouver Island
 
 

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North Vancouver Island Real Estate Market Update for December 2020

The monthly North Vancouver Island Real Estate Market Update for December 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last December in the North Vancouver Island were up 400% and up while the average days to sell was up by 567% from last December. The sales over the last 12 months are up by 11%, the market is strong.  

Single Family Detached homes is really causing upward price pressure. There is only 3 months of inventory in homes. The housing market remains strong. For apartments and townhouses inventory is much larger with 6.3 and 4.5 months respectively. We have seen significant gains in the latter half of the year but as we head into winter the numbers have tempered but not as much as expected.

  • Single Family homes sales show rising average prices, the market is active and strong.  
  • In the North Vancouver Island, the 12-month average price was $277,420, a 17% increase from one year ago.

“…low inventory continues to be the primary reason behind the weaker sales posted in November and December. The buyers are there, but the listings are not…Consumer demand is high, and buyers are snapping up well-priced properties quickly once they hit the market…Multiple offers are commonplace. Notwithstanding high demand, correctly pricing your home remains the key to a quick sale. Overpriced homes tend to linger in our area despite prevailing market conditions.” says VIREB president Kevin Reid

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

Single Family Homes
Single Family - NVI Real Estate Market - Dec 20 The Average 12 Month to Date Sale Price increased by 17.01% from the previous 12 month period. The 12 Month to Date Average Sale Price was $277,420. There are 5.5 Months of Inventory of Single Family in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory decreased to 33 Active Listings. There were 2 units listed and 6 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 Real Estate Market - Dec 20 The Average 12 Month to Date Sale Price increased by 14.73% from the previous 12 month period. The 12 Month to Date Average Sale Price was $105,395. There are 6 Months of Inventory of Lots in North Vancouver Island. It is currently a Soft Buyers Market. This month’s Inventory decreased to 30 Active Listings. There were 2 units listed and 5 units sold.
Apartment Condos
Apartment Condo - NVI Real Estate Market - Dec 20 The Average 12 Month to Date Sale Price increased by 34.37% from the previous 12 month period. The 12 Month to Date Average Sale Price was $75,096. There are 1.5 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 12 Active Listings. There were 2 units listed and 8 units sold.
Townhouse & Patio Condos
Townhouse Condo - NVI Real Estate Market - Dec 20 The Average 12 Month to Date Sale Price increased by 16.19% from the previous 12 month period. The 12 Month to Date Average Sale Price was $114,300. There are 8 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory decreased to 8 Active Listings. There were 0 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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