Island Home Sales Edge Upward As Prices Rise

The public’s appetite for single family homes is on the rise on Vancouver Island, according to the latest information released by the Vancouver Island Real Estate Board (VIREB). In its latest statistical report VIREB stated that 312 single family homes traded hands last month, an increase of three percent when compared to the same month last year.

Interestingly enough that figure is actually down nine percent from the number of homes reported sold on the Multiple Listing Service® (MLS®) System during October, when 343 properties were reported sold. The spike in sales was restricted solely to single family homes however, as apartment and townhouse sales declined last month (eight and 33 percent respectively) when compared to November 2018.

During November a total of 65 apartments and 26 townhouses were reported sold within the VIREB coverage area, which extends from the northern tip of Vancouver Island to the Malahat in the south.

The Real Estate Board also reported that the number of homes currently on the market continued to rise last month when compared to a year ago.

During November 1,155 single family homes were listed on the MLS® System, up eight percent from last year when 1,065 single family homes were on the block. The swelling housing inventory also saw 15 percent more apartments being listed for sale last month when compared to November 2018 – 368 versus the 319 reported on the market last year.

The number of townhomes on the market actually dropped significantly from a year ago, with only 123 listed for sale in November, as compared to the 177 on the MLS® System last year. This drop represents a 31 percent decline in available properties of this type.

Housing prices across Vancouver Island continued to edge upward during November, despite an increase in the number of properties listed for sale. VIREB uses benchmark pricing to track the value of typical homes in each of its individual areas. The board-wide benchmark price of a single family home climbed three percent to $517,100 during November. This month-end price is actually down from October’s benchmark price of $521,800.

Year-over-year incremental price increases were also reported in the apartment and townhouse categories. Last month the board-wide benchmark price of an apartment was up three percent to $297,000, with the townhouse benchmark price edging up two percent to $405,700. In both cases these prices were slightly lower than those reported during October.

Single family home price increases were reported in each of VIREB’s individual zones last month. In Nanaimo for example the benchmark price showed a marginal increase of less than one percent to end the month at $558,400. In the Parksville / Qualicum Beach area the benchmark price rose two percent to $576,500, while in the Cowichan Valley the benchmark price climbed an identical two percent to $479,500.

In the Comox Valley the benchmark price of a single family home climbed a full five percent from a year ago to $530,200. Further north in Campbell River the benchmark price also climbed five percent to $440,200, while in the Alberni Valley the benchmark price of a single family home hit $329,000, a six percent price increase over the same month last year.

In Vancouver Island’s dynamic Buyer’s Market it’s more important than ever to have sales professionals like Peter and Kathy Koch on your side. Call them today if you’re interested in buying or selling a home.