By: PropertyGuys.com on Vancouver Island
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North Vancouver Island Real Estate Market Update for November 2020
The monthly North Vancouver Island Real Estate Market Update for November 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last November in the North Vancouver Island were up 92% and up while the average days to sell was up by 30% from last November. The sales over the last 12 months are up by 7.78%, 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 $273,423, a 15 increase from one year ago.
“Despite what may be the worst recession in B.C. history, the housing market had a record fall season, and prices are rapidly rising as pent-up demand floods into an under-supplied market, … As that pent-up demand from the loss of a spring season fades, sales will likely slow from their current pace, but activity is expected to remain strong as record-low mortgage rates and a recovering economy continue to drive sales.” says BCREA.
Source: Vancouver Island Real Estate Board – MLS® Statistics
| Single Family Homes | |
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The Average 12 Month to Date Sale Price increased by 15.16% from the previous 12 month period. The 12 Month to Date Average Sale Price was $273,423. There are 3.08 Months of Inventory of Single Family in North Vancouver Island. It is currently a Soft Sellers Market. This month’s Inventory decreased to 40 Active Listings. There were 10 units listed and 13 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 | |
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The Average 12 Month to Date Sale Price increased by 15.39% from the previous 12 month period. The 12 Month to Date Average Sale Price was $107,853. There are 4.86 Months of Inventory of Lots in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory remained the same to 34 Active Listings. There were 7 units listed and 7 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price increased by 36.12% from the previous 12 month period. The 12 Month to Date Average Sale Price was $73,944. There are 6.33 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Soft Buyers Market. This month’s Inventory increased to 19 Active Listings. There were 6 units listed and 3 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price increased by 12.21% from the previous 12 month period. The 12 Month to Date Average Sale Price was $113,706. There are 4.5 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Balanced Market. This month’s Inventory decreased to 9 Active Listings. There were 1 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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