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Parksville-Qualicum Real Estate Market Update for January 2021

The monthly Parksville-Qualicum Real Estate Market Update for January 2021 shows compared to a year ago, a large increase in sales for the entire local area. Overall residential sales from last January in Parksville-Qualicum were up 23% and up while the average days to sell decreased overall by 8.83% from last January. The sales over the last 12 months are up by 12%, the market is strong…extremely 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, the benchmark price increase to $686,600 up by 12 percent from one year ago. 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. 

“A dearth of listings is an ongoing issue throughout our area…We’re confident that sales activity would be much higher if we had adequate supply. We’d normally say this is a great time to sell, but with so little inventory available, buyers and sellers are in a Catch-22 situation. It’s hard to part with your home if you have nowhere to move.In a competitive housing market, using a REALTOR® can help streamline the buying and selling process to ensure the best possible outcome while mitigating associated risks.” says VIREB president Ian Mackay

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

Single Family Homes
 

The Average 12 Month to Date Sale Price increased by 12.13% from the previous 12 month period. The 12 Month to Date Average Sale Price was $691,091. There are 1.32 Months of Inventory of Single Family in Parksville-Qualicum. It is currently an Avg. Sellers Market. This month’s Inventory increased to 50 Active Listings. There were 53 units listed and 38 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
The Average 12 Month to Date Sale Price increased by 16.06% from the previous 12 month period. The 12 Month to Date Average Sale Price was $337,351. There are 4 Months of Inventory of Lots in Parksville-Qualicum. It is currently a Balanced Market. This month’s Inventory decreased to 32 Active Listings. There were 6 units listed and 8 units sold.
Apartment Condos
The Average 12 Month to Date Sale Price increased by 14.18% from the previous 12 month period. The 12 Month to Date Average Sale Price was $326,436. There are 2.92 Months of Inventory of Condos (Apt) in Parksville-Qualicum. It is currently a Avg. Sellers Market. This month’s Inventory increased to 35 Active Listings. There were 13 units listed and 12 units sold.
Townhouse & Patio Condos
The Average 12 Month to Date Sale Price increased by 7.85% from the previous 12 month period. The 12 Month to Date Average Sale Price was $485,176. There are 0.89 Months of Inventory of Condos (Twnhse & Patio) in the Parksville-Qualicum. It is currently a Strong Sellers Market. This month’s Inventory increased to 8 Active Listings. There were 10 units listed and 9 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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