Real Estate in Qualicum Beach, Parksville, and Nanoose Bay
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Qualicum Beach Parksville Area Real Estate Market Summary January 2020

Real Estate Market Snapshot for January 2020 of the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area Single Family Home Sale Pricing This is the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area Real Estate Market Snapshot of Home Sales Pricing for January 2020 – Click here for Stats:
Market Stats

Please email if you have any suggestions for Blog Topics, or if you believe any of our content is incorrect. Sometimes we just publish an opinion, and well, we have been wrong. Sorry for the publishing delay, as Tom Whitfield has retired and NANCY SMITH graciously has accepted the responsibility of continuing Tom's traditional Market Statistics. We also hope to bring some other informational articles in NANCY SMITH's Blog, and Market News.

There has recently been a large increase in waterfront and ocean view listings in the past two months, and prices are comfortably ranging between $1 million and $3.5 million dollars. These numbers seem to confirm a trend in market movement upward, as prices do not increase, in a declining market.

A low supply of quality homes still hamper our real estate market. For January, 34 single family homes have sold over last years 29 and condo sales have jumped 300% over last year to 15. Patio style condos have scratched the market with sales 7 units over last years 4, averaging 53 days, verses 55 days to sell last year.

Single family homes took longer to sell, taking an average of 51 days compared to last year's 47 days of waiting, but again because of low supply, some people decided to buy now than wait for the traditional spring chaos. For the past twelve months however, single family home sales have dropped from 616 to 609 units, and condo unit sales have jumped from 258 to 295 units year over year. The condo market increase seems to reflect the bottom up shopping many clients engage in, preferring to start shopping at the lowest prices until they find a home that will work for them, verses shopping for a home they desire. As we have previously mentioned, single family home prices continue to climb, though not as steep as the previous four years. The median selling price is now $595,000 for January, and the year over year median price is a low $568,333.

Traditionally the spring market sets the annual sales pace though this was not as true for 2019, due to regulatory changes. UPDATE: February 15/2020 An interesting local note, Western Forest Products sustained a long strike process through the second half of 2019 and was settled in February. Three thousand workers will be returning to work, many here on Vancouver Island. Hopefully this positive note will stimulate confidence in our real estate market. This could be a busy spring.

From WFP site: Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.1 billion board feet from eight sawmills and four remanufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.

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A typical BC home.

A Rebound, or Just a Blip

Has the USA Housing Market Hit Bottom, or Will Coronavirus Slam It ?

The latter part of 2019 saw a consistent home market uptick, and though projections are for a continued pace, influences like the Coronavirus and the USA election, will affect both Canadian and USA markets. Maybe many people are waiting to see how the market moves before they decide to make a change and sell their existing home due to changing needs, creating a pent-up flood of potential market activity.

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USA Housing Statistics Are Similar to Canada

Current Sentiment is Pointing to a Stronger Housing Market.

We try to keep our local Market News and Market Statistics up to date monthly. This morning I saw USA stats as presented by Bloomberg and was surprised how similar their stats measure against Canada. It is difficult to project the long term trend by past news, but the current Corona Virus concern will affect our supply market for many products, as they have been a consistent provider. With the China shutdown, no one really knows the long term impact on our lives. Local Realtors are anticipating a strong 2020 home sales market. That said, we reproduce Bloomberg's USA housing statistics for your reading pleasure:

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Insurance is Stressing Strata Owners.

Most Insurance Issues Apply to Poorly Maintained and Poorly Operated Properties.

Strata Insurance has hit the news headlines and of course the media tends to spotlight and sensationalize their articles.

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January 2020 Market Update for Vancouver Island, includes Qualicum Beach, Parksville, Nanoose.

Market Update for Month of January 2020

January 2020 Market Update as Released by CREA Sales of single-family homes dropped by 16 per cent from one year ago and were 26 per cent lower than in December. However, this is a broad paintbrush, and the Local Market of Qualicum Beach will be summarized shortly, in follow up articles.

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Market Update December 2019 The Local Housing Market Ends With No Surprises

December Wrap up for 2019

Trend-wise, VIREB’s housing market is balanced in most areas and inching towards a buyers’ market in a few zones. Overall, however, home sales and listing activity are at typical levels for our region. REALTORS® across the Island are reporting that there is interest among buyers, but many are taking a wait-and-see approach.

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

December 2019

Regionally: Parksville-Qualicum area saw its benchmark price increase by one per cent to $583,400.

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December 2019 Qualicum, Parksville and Nanoose Bay Market News Update. Real Estate, Vancouver Island.

Nancy Smith RE/MAX Anchor Realty

Board Wide: The Parksville and Qualicum area saw its benchmark price increase by around two per cent to $576,500.

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