By Gordon McKinlay
Real Estate Agent with PG Direct Realty Ltd.
Real Estate Agent with PG Direct Realty Ltd.
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North Vancouver Island Estate Market Update for October 2020
The monthly North Vancouver Island Real Estate Market Update for October 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last October in North Vancouver Island were up 192% and up while the average days to sell decreased overall by 12% from last October. The sales over the last 12 months are up by 9%, the market is strong but sales are swift and decreasing inventory inventory.
Swift sales in the latter half of the year is causing upward price pressure. The housing market remains strong. We have seen significant gains but as we head into fall the numbers have tempered, with October posting a marginal rise.
The Single Family statistics for this month point to rising average prices in both the Comox Valley and Campbell River. The market is still quite active.
- Single Family homes sales show rising average prices, the market is active and strong.
- In North Vancouver Island, the average 12-month price reached $265,360, up by nine percent from one year ago.
“Demand in the VIREB area continues to be high, but there just aren’t enough homes to satisfy it… Active listings of single-family detached properties (excluding acreage and waterfront) were 733 in October compared to 909 in September. There were 333 condo apartments and 197 row/townhouses for sale last month, down 14 per cent and three per cent, respectively, month over month…We don’t know if it’s a long-term trend, but we have noticed that some of the demand includes buyers who are advancing their retirement plans while others are downsizing and reducing their debt load,” says VIREB president Kevin Reid
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 9.07% from the previous 12 month period. The 12 Month to Date Average Sale Price was 265360. There are 2.75 Months of Inventory of Single Family in North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 44 Active Listings. There were 11 units listed and 16 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 17.94% from the previous 12 month period. The 12 Month to Date Average Sale Price was $108,813. There are 3.8 Months of Inventory of Lots in North Vancouver Island. It is currently a Soft Sellers Market. This month’s Inventory decreased to 38 Active Listings. There were 4 units listed and 10 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price increased by 32.41% from the previous 12 month period. The 12 Month to Date Average Sale Price was $71,089. There are 5.33 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Balanced Market. This month’s Inventory remained the same to 16 Active Listings. There were 3 units listed and 3 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price increased by 12.36% from the previous 12 month period. The 12 Month to Date Average Sale Price was $113,856. There are 2.5 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 15 Active Listings. There were 4 units listed and 6 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 a real estate agent with PG Direct Realty Ltd. on Vancouver Island. Gordon is a market expert who loves helping people sell their own homes and save tens of thousands of dollars.