MARKET UPDATE: January 31, 2021

Courtesy NANCY SMITH and VIREB

• 
• By Nancy Smith
• Qualicum Beach REALTOR®
• Published: Feb 7th, 2021 at 8:43 am

ON THE GROUND
January 2021 Market Update

VIREB's housing market kicked off 2021 with a bang and a whimper as strong buyer demand continues to be hampered by the lowest inventory on record.

Active listings of single-family detached properties were virtually the same as the previous month (420 compared to 421). There were 212 condo apartments and 95 row/townhouses for sale in January, down nine and 20 per cent, respectively, from December.

Last month, 286 single-family detached properties (excluding acreage and waterfront) sold on the MLS® System compared to 172 the previous January and 302 in December 2020. In the condo apartment category, sales rose by 46 per cent year over year (63 to 92) but dropped by 26 per cent from the previous month. Row/townhouse sales increased by 75 per cent from January 2020 and 45 per cent from December.

Naturally, the robust housing market is impacting prices, which are rising throughout the board area. The benchmark price of a single-family home hit $596,500 in January, a 12 per cent increase from the previous year. Year-over-year price increases ranged from seven per cent in Port Alberni to 17 per cent in Duncan.

The benchmark price of an apartment reached $316,400 in January, an increase of 10 per cent, while the benchmark price of a townhouse rose by 12 per cent year over year, climbing to $459,800.