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Parksville-Qualicum Real Estate Market Update for March 2021
The monthly Parksville-Qualicum Real Estate Market Update for March 2021 shows compared to a year ago, a large increase in sales for the entire local area. Overall residential sales from last March in Parksville-Qualicum were up 28% and up while the average days to sell changed to 28% from last February. The sales over the last 12 months are down by 18%, the market is still strong.
Swift sales in the latter half of the year is causing upward price pressure. We have seen significant gains but as we enter winter the numbers have tempered but not as much as is typical for a December.
The Single Family statistics for this month point to rising average prices in Parksville-Qualicum. The market is still quite active.
- Single Family homes sales show rising average prices, the market is active and strong.
- In Parksville-Qualicum area saw its benchmark price increase by 13 per cent to $695,600. Benchmark pricing tracks the value of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties in Campbell River. It is normally a more stable price indicator than average prices.
“The length of time it takes to get a development off the ground is a serious problem on Vancouver Island, which is becoming an increasingly popular destination for buyers of all ages,” says Mackay. “While our area has always attracted retirees, we’re seeing younger buyers more frequently than in the past.”
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 12.84% from the previous 12 month period. The 12 Month to Date Average Sale Price was $702,427. There are 0.69 Months of Inventory of Single Family in Parksville-Qualicum. It is currently a Strong Sellers Market. This month's Inventory decreased to 44 Active Listings. There were 60 units listed and 64 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 16.76% from the previous 12 month period. The 12 Month to Date Average Sale Price was $343,757. There are 3.17 Months of Inventory of Lots in Parksville-Qualicum. It is currently a Soft Sellers Market. This month's Inventory increased to 38 Active Listings. There were 19 units listed and 12 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price increased by 12.84% from the previous 12 month period. The 12 Month to Date Average Sale Price was $702,427. There are 0.44 Months of Inventory of Condos (Apt) in Parksville-Qualicum. It is currently a Strong Sellers Market. This month's Inventory decreased to 28 Active Listings. There were 60 units listed and 64 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price increased by 10.36% from the previous 12 month period. The 12 Month to Date Average Sale Price was $498,220. There are 0.5 Months of Inventory of Condos (Twnhse & Patio) in the Parksville-Qualicum. It is currently a Strong Sellers Market. This month's Inventory increased to 9 Active Listings. There were 20 units listed and 18 units sold. |
Market Legend
- Seller’s Market – In a seller’s market, conditions are favourable 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 favourable, negotiating leverage, more time to search for a home, and better prices.
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