Buyers Hungry for Single Family Homes

While the sale of other housing styles across Vancouver Island may be down, buyers continue to have an increasing appetite for single family homes. According to the latest statistics released by the Vancouver Island Real Estate Board (VIREB), a total of 574 single family homes were reported sold on the Multiple Listing Service® (MLS®) system last month – during the same month last year only 554 single family homes changed hands.

The sales activity wasn’t so rosy when it came to other Vancouver Island housing styles. For example the sale of condominium / apartments was down 14 percent when compared to a year ago, while in the townhouse category the number of sales had slid a full 16 percent when compared to July 2019.

VIREB’s statistical report also indicated that a robust supply of properties of all types is currently available for sale on Vancouver Island. As of July a total of 2,307 were listed for sale on the MLS® system, including 1,605 single family homes, 436 apartments and 266 townhouses.

Despite the dip in sales activity (impacted no doubt by the ongoing COVID-19 pandemic) housing prices continued to climb across the Island. VIREB (with a coverage area that extends from the Malahat in the south to the northern tip of Vancouver Island) uses benchmark pricing to track the value of typical homes in each of its separate zones.

Last month the board-wide benchmark price of a single family home hit $545,700, a two percent rise from June 2020 and a six percent increase from the same month last year. The board-wide benchmark price of apartments sold over the MLS® system last month was up four percent year-over-year, reaching $312,800 – a slight rise over the June benchmark price. The board-wide benchmark price of townhouses also rose by four percent from July 2019 to end the month at $425,800, an incremental dip from the June price.

According to the VIREB stats housing prices rose year-over-year in each of the real estate board’s individual areas. In Nanaimo for example the July benchmark price climbed a full seven percent to reach $593,600 last month when compared to a year ago. In the Parksville / Qualicum Beach area the benchmark price was reported as $604,900, an increase of two percent over the same month last year.

In the Cowichan Valley the July benchmark price was up six percent hitting $500,200 while in the Comox Valley the benchmark price of a single family home climbed eight percent last month (when compared to the same month last year) to reach $557,500. Further north in Campbell River the benchmark price was listed as $456,000, a rise of five percent while in the Alberni Valley the July benchmark price of a single family home was up seven percent from a year ago to close the month at $342,700.

In times of such change and market volatility it’s vital to have a sales professional on your side when making a real estate purchase. Call Peter and Kathy today to begin your exploration of the Vancouver Island real estate marketplace.