What’s happening with the real estate market in the Qualicum Beach, Parksville, Fairwinds, Nanoose Bay area is that there has been a large increase in the number of people 'cashing out' of the extremely heated Lower Mainland market and buying here. Many feel it's now time to get out of that crazy Lower Mainland traffic! The difference in real estate pricing between here and there is huge. Plus the quality of life here is so very good. We are only an hour and a half ferry ride or a 25 minute plane ride away from the big city of Vancouver for those who want to visit family and friends. Couple that with being 2 hours away from Victoria and Tofino plus being within a stone's throw from the enchanting Gulf Islands for day trips, makes this a highly desirable place to move to.
Home sales in the local area cooled slightly in June but were significantly higher than one year ago. Sale pricing of single family homes over the first 6 months of 2016 is up by 12% with sales volume expressed as overall dollars up by 43% over the first 6 months of last year! For Vancouver Island June sales, the number of days to sell has been very fast with 30% of homes selling within 1 week and 52% of homes selling in 4 weeks! The more expensive homes have been selling quickly too. Of the 28 single family homes that have sold locally for over $1M so far this year, 60% have sold in less than 2 weeks!
However, the number of available listings of all types is down considerably by about 39%, 30%, and 76% for single family, building lots and patio-style condos respectively. This, coupled with high demand, definitely makes it a seller's market. With fewer listings for sale, Buyers have to act fast or risk losing out.
The overall average sale price of a single family home in the local area is $447,138. This represents an increase of 12% over the first 6 months of last year. The sale price of a patio-home style of condominium is about $320,000, representing an increase of 10% over this time last year. However, building lot average sale price of $185,082 represents a decrease of -7% over the first 6 months of last year. New home construction is definitely on the upswing too with a 113% increase in the number of building lots sold this year over last at the end of June! Overall though, low inventory and high demand is pushing real estate sale pricing higher.
A hot real estate market is also making it tougher for renters to find accommodation in an already tight rental climate. Competition can be fierce for rental units with, sometimes, the only option being to take a short term vacation property and putting belongings in storage.