Nanoose Bay, Parksville, and Qualicum Beach Market Stats

Local Real Estate Market Statistics

Qualicum Beach Parksville Area Real Estate Market Summary 2020

This is the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area Market Snapshot of Home Sales for 2020 – Click HERE for News::
Market News

The accompanying chart compares the end of year sale prices for single family residental units for mid-Vancouver Island, with the previous year 2019 and the December Monthly Stats are compared previously to the month of November. Board-wide(VIREB), zones all show huge annual increases especially in Comox Valley where average prices had remained quite low, relative to the other zones. It might have been a bit of a price catch-up, as many people shifted their interest from the higher priced markets of Nanaimo and Qualicum. Parksville/Qualicum area holds the title for priciest homes, as we have some of the nicest, popular waterfront properties on Vancouver Island.

The 2020 real estate market proved to be quite interesting as well as challenging for both buyers and Realtors®. Fortunately, exisiting contracts at the beginning of the year needed to be completed, but some people still needed to move, therefore sales continued. Real estate was deemed an 'essential service', so statiscally, the pandemic did not directly change annual market volume totals.

What happened though, potential sellers pulled back from the market for numerous reasons, including fear of opening their homes to strangers, fear of shopping for a new home and fear they might get caught homeless. Not knowing what restrictions might be applied, people removed their homes from the market and many others refused to follow through with previous plans to list and move. Market inventory shrunk from a tight inventory of around 500 family listings to a low of around 100 listings by the end of December 2020. New listings were gobbled up.

Buyers were and are lining up, but there is little to buy. Many desirable homes were inundated with viewings as they were listed, and consequently received multiple offers. In the Oceanside area, homes are selling above assessment values and often sold for significantly more than asking price.

Vancouver Island is a desirable destination location for active retirees, many of whom were able to offer a cash purchase with desirable lack of subject-to-sale clauses. The subsequent price increases, and hectic activity, have pushed aside many first time buyers and buyers needing a mortgage.

Looking forward into 2021, home inventory will remain tight, as side-lined buyers are diligently watching new listings. Unfortunately home prices will substantially increase throughout the year, as there appears no detrimental effects to change this market. Interest rates will remain low, Canadians will be watching the US Presidential influences and the pandemic wave will keep people wary.

There has been chatter around potential price drops because AirB&Bs are stressing owners, some people are unable to make mortgage payments, and lost rental income will result in more listed properties. This may be true in the long term, but in reality, this effect might be spread over the five years following the worst of this pandemic. No one is sure of the future, but today, we all need a home.

At RE/MAX Anchor in Qualicum Beach & at RE/MAX First in Parksville, our full-time REALTORS have the highest number of sales per REALTOR when compared to our local competition.

Outstanding Agents…Outstanding Results

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