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Real Estate Market Update January 2019 Qualicum Beach Parksville Fairwinds Nanoose Bay Deep Bay & Area Vancouver Island, BC

Home > Market News > Real Estate Market Update January 2019 Qualicum Beach Parksville Fairwinds Nanoose Bay Deep Bay & Area Vancouver Island, BC

January 2019

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Mar 5th, 2019 at 6:34 pm

A balanced market trend has emerged with single family home sale and condo sale pricing having moderated somewhat. I am calling it a 'levelling off.' This bodes well for buyers! Beginning this past summer, a trend has emerged towards more balance between supply and demand, causing less upward pressure on prices. Using the 12 month year-over-year data, the number of single family home sales dropped by 23% with sales dollars down by 14%. However, the overall average sale pricing of single family homes was up by 12% over the 12 month period.  A more balanced real estate market means less upward pressure on home prices. In January, the median sale price of a single family home in the local area was $565,000 (not including waterfront or acreages) with an average sale price of $583,048. This is down by 4% compared to January of 2018. As single family home prices increase, buyers look to buy more affordable condos. In January, the patio-home style of condo average price was $466,250 while apartment style was $336,380 and townhomes averaged $338,083. No building lots were sold in January and current inventory is low. Listings of single family homes were up by 85% compared to January of last year while the number of listings among all types of properties is up by 43% overall. It's important for Sellers to price their property competitively given the shifting dynamics in the real estate market. For January sales, it took on average 46 days to sell a single family home and the Sale/List price was 97%.

Real estate market sales in the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area see a great gray wave of Boomers (more like a gray tsunami...) retiring to the region. Retirees drive the local economy along with tourism. Retirees keep the trades people very busy with home renovations and new home construction.

Contact Nancy to find out more! Cell 1-250-667-0719. EM

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