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Market Update October 31/2020 Qualicum Beach/Parksville

Home > Market News > Market Update October 31/2020 Qualicum Beach/Parksville

Courtesy NANCY SMITH and VIREB October 31/2020

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Nov 5th, 2020 at 4:18 pm

Qualicum Beach and Parksville, Comprising also Oceanside and Nanoose Bay
October 2020 Market Update

If there is one thing we know for sure about today's pandemic-affected housing market, it's that it isn't behaving the way real estate usually does during a recession. Just like the past several months, our October statistics are evidence of that anomaly.

Last month, VIREB recorded 1,066 unit sales (all categories) compared to 721 in October 2019. By type, 524 single-family detached properties (excluding acreage and waterfront) sold in October compared to 342 the previous year, a 53 per cent increase but a decrease of 18 per cent from September.

Sales of condo apartments rose by 48 per cent year over year and six per cent month over month. Row/townhouse sales increased by 51 per cent from October 2019 but dipped by 10 per cent from the previous month.

But although sales are down somewhat from September, we attribute it to a lack of inventory, not a weakening market. Demand in the VIREB area continues to be high; there just aren't enough homes to satisfy it.

Active listings* of single-family detached properties (excluding acreage and waterfront) were 733 in October compared to 909 in September. There were 333 condo apartments and 197 row/townhouses for sale last month, down 14 per cent and three per cent, respectively, from September.

The benchmark price of a single-family home hit $536,500 in October, an increase of three per cent year over year and two per cent lower than in September. The year-over-year benchmark price of an apartment rose by three per cent, hitting $304,200 but down by two per cent from the previous month. The benchmark price of a townhouse rose by nine percent year over year, climbing to $438,200, an increase of one per cent from September.

* Active listings include property already under contract but have not removed the subject-to sale clauses.  Available property listed as active was only 285 units As of November 04/202 in our area.  Property marked 'Pending', is a final sales contract that has not had Property Title transferred. 

On our website, we mark 'Pending' properties as SOLD for clarification purposes.

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