Hello & Happy Autumn!
Here on Vancouver Island, there is no question that our real estate market is showing signs of change from a Sellers market to a Buyers market. And if you are anything like me, I’m sure you want to fully understand current market trends and how they will affect your personal situation before making a big financial decision. Understanding how market conditions influence your real estate decisions will have a tremendous affect on the outcome…So You want to get this right. Currently our market is being affected by several economic factors including Mortgage requirements and interest rates, but we are also seeing continued national trends which support ongoing growth in our communities. If you own a home valued above $650,000 in central Vancouver Island, your market conditions are very different than if you own a home under $500,000. It is my role with experience and knowledge to make sense of the current market in relation to your home’s value, and guide you to the most successful outcome for your requirements and needs.
Nanaimo
98 single family homes sold. Average price $548,786 (up 8% 12 months to date, this year over last). 6 waterfront homes sold, 1 lot sold & 41 condos sold. Single-family unit sales volume is down 13%. Average days on market has increased by 13% to 25 days. The average condo sold for $355,478. Condo unit sales are up 15%, 12 months to date. Condos have seen a 4% decrease in days on market. Average days to sell is 25 days. Lot sales volume is down by 58%. Lot prices have increased by 26%, 12 months to date. Average lot sale price $273,407. Most active region: North Nanaimo (22 sales). Highest average price: Upper Lantzville ($930,000).
Cowichan Valley
57 single family homes sold. Average price $500,058 (up 14%, 12 months to date, this year over last). 16 waterfront homes sold, 4 lots sold & 21 condos sold. Single-family unit sales volume is down 1%. Average days on the market has decreased by 2% to 30 days. The average condo sold for $301,430. Condo unit sales are up 40%, 12 months to date. Condos have seen a 37% decrease in days on market. Average days to sell is 33 days. Lot sales volume is down by 36%. Lot prices have increased by 27%, 12 months to date. Average lot sale price $185,743. Most active region: Ladysmith (13 sales). Highest average price: Cobble Hill ($682,500).
Parksville/Qualicum
42 single family homes sold. Average price $610,093 (up 15% 12 months to date, this year over last). 13 waterfront homes sold, 1 lot sold & 22 condos sold. Single-family unit sales volume is down by 18%. Average days on the market has decreased by 4% to 26 days. The average condo sold for $401,612. Condo unit sales are down 19%, 12 months to date. Condos have seen a 7% increase in days on the market. Average days to sell is 35 days. Lot sales volume is down 43%. Lot prices have increased by 2%, 12 months to date. Average lot sale price $242,280. Most active region: Parksville (12 sales). Highest average price: Nanoose ($734,850).
