Nanoose Bay, Parksville, and Qualicum Beach Market Stats

Local Real Estate Market Statistics

Qualicum Beach Parksville Area Real Estate Market Summary April 2020 - Part 2

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

Overall in April, the median sale price of single family homes was $699,900(compared to March @ $600,000). The average sale price was $696,041 (March @ $622,137) (not including waterfront or acreages). The average sell price is up by 5% compared to $662,136 in April 2019. Only three patio-home condos sold on average for $423,333, one apartment condo sold for $309,900 and one townhome sold in April, for $585,000. Surprisingly, 3 building lots sold in April with an average sell price of $180,000. Current inventory is at 36 lots overall in the local region. The sell(22 units)/list(49 units) ratio for single family home sales was down to 45% compared to 70% in April 2019. Single family home listings are low at 172 homes, which is 23 units lower as at this time last year. Listings of all property types are at the similar levels as at this time last year except condo apartments which have dropped slightly from 44 listings to 37.

Due to the COVID-19 restraints, April volume has dropped significantly from April 2019, specifically in single family and apartment condos. There have only been 22 sales compared to 70 single family homes sold in 2019. Apartment condos sales dropped to one, compared to 15 in April 2019. Patio condos dropped from 9 units to 3, and townhouse condos dropped from 2 to 1 sold. There has been a large increase in days to sell for single family homes 41 vs 28 days, and the reverse happened in apartment condos, only taking 12 vs 71(April 2019) days to sell.

We noticed a large drop in our website visitors during the first three weeks of the COVID-19 shutdown, but in the past week with talks of opening up, website visits have surpassed pre-COVID-19 levels. The demand and interest for buyers who want to move here, especially in retirement, for both the milder climate & better lifestyle, had paused. Sellers who generally either want to downsize or relocate are still making inquiries and they are listing their homes. Some people have no choice but to move for work and other reasons will need to sell and buy, so the home sales market must continue.

The years 2020-25 will see a big bulge in the populations of people reaching retirement age. Better life expectancy and financial well-being of this generation will challenge the traditional expectations of retirees and will disrupt consumer, service and financial markets (The Economist). Certainly here, retirees drive our local economy along with tourism. Retirees keep the trades people busy with home renovations & new home construction and most often transactions require no mortgages, with resources to improve and personalize homes.

The BC speculation tax does not apply to the Qualicum Beach/Parksville area. Some may acquire a recreational property as the cost of home ownership in places like Vancouver and Victoria has become prohibitive. For others it’s a stress-relieving escape from a fast paced life and career. While for others it can be part of a retirement strategy.

If you go to the ‘Market News’ tab, you will see the graph in Part 1 showing single family home sale pricing over time & see for yourself how it has ‘leveled off’ since July of 2018 compared to the previous four year climb.

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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