NVI Market Update - Sep 2020

North Vancouver Island Real Estate Market Update for September 2020

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

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North Vancouver Island Estate Market Update for September 2020

The monthly North Vancouver Island Real Estate Market Update for September 2020 shows compared to a year ago, September 2019, an increase in sales for the entire local area. Overall residential sales from last September in North Vancouver Island were up 100% and up while the average days to sell increased overall by 131% from last September. The sales over the last 12 months are down by 14%, the market is strong but sales are slow with large inventory.  

While the housing market remains strong, price-gain increments appear to be diminishing. We have seen significant gains but as we head into fall the numbers have tempered, with September posting a marginal rise.

  •  Single Family homes sales show rising average prices, the market is active and strong.  
  • In North Vancouver Island, the average 12-month price reached $267,153, up by ten percent from one year ago. 

“The strength of our housing market has surprised us somewhat. We frankly did not expect it to recover so quickly from the COVID-19 effect. While some area buyers are motivated by a desire for more space, COVID-19 has accelerated lifestyle changes for some consumers.  Our market is quite fluid right now, which makes it difficult to determine trends, but we have noticed that some buyers are advancing their retirement plans due to the pandemic. Economic uncertainty is motivating other consumers to downsize and reduce their debt load. Correctly pricing your home is the key to a quick sale and may even result in multiple offers. Overpriced properties tend to linger whether we are in a buyers’ or sellers’ market.” says VIREB president Kevin Reid

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 Market Update - Sep 2020 The Average 12 Month to Date Sale Price ↑ increased by 10.56% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was 267153. There are 4.82 Months of Inventory of Single Family in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory increased to 53 Active Listings. There were 17 units listed and 11 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 Market Update - Sep 2020 The Average 12 Month to Date Sale Price ↓ decreased by 19.99% ↓ from the previous 12 month period. The 12 Month to Date Average Sale Price was $100,713. There are 4.4 Months of Inventory of Lots in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory decreased to 44 Active Listings. There were 7 units listed and 10 units sold.
Apartment Condos
Apartment Condo - NVI Market Update - Sep 2020 The Average 12 Month to Date Sale Price ↑ increased by 35.27% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $71,374. 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 decreased to 19 Active Listings. There were 1 units listed and 3 units sold.
Townhouse & Patio Condos
Townhouse Condo - NVI Market Update - Sep 2020 The Average 12 Month to Date Sale Price ↑ increased by 6.06% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $107,427. There are 9 Months of Inventory of Condos (Twnhse & Patio) in 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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