MARKET UPDATE: MARCH 31 /2021

Courtesy NANCY SMITH and VIREB

• 
• By Nancy Smith
• Qualicum Beach REALTOR®
• Published: Apr 2nd, 2021 at 12:07 pm

ON THE GROUND
March 2021 Market Update

Lack of inventory is frustrating potential buyers in the VIREB area, with demand for homes far exceeding supply.

While active listings in March were higher than in February, inventory is still at a historical low. There were 508 single-family detached properties for sale last month compared to 394 in February, an increase of 29 per cent. The number of condo apartments for sale rose slightly, up to 171 from 169 in February. Month-over-month townhouse inventory increased by 29 per cent, with 117 units for sale in March compared to 91 in February.

March saw sales of 567 single-family detached properties, a year-over-year increase of 67 per cent. As for condo apartments, 136 sold last month versus 47 the previous year, an increase of 189 per cent. In the row/townhouse category, sales increased by 53 per cent year over year (81 to 124).

Unsurprisingly, the heated housing market is impacting prices, which are rising throughout the board area. The benchmark price of a single-family home hit $631,500 last month, 18 per cent higher than in March 2020. The benchmark price of an apartment reached $332,400, an increase of nine per cent, while the benchmark price of a townhouse rose by 19 per cent year over year, climbing to $487,100.