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Real Estate Market Update July 2019 Qualicum Beach Parksville Area Vancouver Island, BC

Home > Market News > Real Estate Market Update July 2019 Qualicum Beach Parksville Area Vancouver Island, BC

July 2019

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Sep 9th, 2019 at 5:58 pm

Yet it is interesting to note that about 30% of homes sell in the first week and about 60% within one month. The number of homes sold by the listing broker is down to 25% due to the new real estate rules which do not allow "double ending". Of the 453 single family homes that sold locally in the first 7 months of 2019, 68% sold for over $500K with 39 sales over $1M.

Over the past year, the real estate market has ‘levelled out’ in terms of pricing and has become more of a balanced market. At least for now, gone are the double digit price increases & unsettling multiple offers that we saw during 2015 – 2018. When all single family sales are combined during the previous 12 month period, the July sale price is the same as it was in July of 2018 at $610K. Note that it was in July of last year that single family home sale prices began to ‘level out.’

Locally, this is a small real estate market in a great locale.

Specifically in July, the median sale price of single family homes was $585,000 with an average sale price of $606,679 (not including waterfront or acreages). This is down by just 3% compared to July of 2018. Patio-home condos sold on average for $435,519, apartment condos sold for $283,818 & townhomes averaged $523,000. Five building lots sold in July at an average sale price of $261,900. Current inventory has jumped to 34 lots which is up considerably over July of last year. The list to sell ratio for single family home sales was 96% in July. Single family home listings are up by 19% & in all property types by 19% as well when compared to July of last year.  It has been a somewhat slower spring/summer market this year and the number of single family homes sold is down by 8% for July of this year compared to 2018. It is taking a bit longer to sell this year with the days to sell averaging 30 days.

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