Qualicum Beach Parksville Fairwinds Nanoose Bay & Area Real Estate Market Newsletter September 2017

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Up-to-Date Information & Insight into the Qualicum Beach Parksville Fairwinds Nanoose Bay & Area Real Estate Market

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Oct 2nd, 2017 at 9:43 am

The Qualicum Beach Parksville Nanoose Bay Fairwinds real estate market showed the continuation of a strong seller's market in August.  Single family sales dollar volume was down by 14% with a reduction by 34% in number of homes sold. Low inventory and high demand continues to put pressure on pricing. There were 246 active listings at the end of August, a drop of 15% from the 288 on the market last August. This led to sellers getting excellent prices for their homes. The average sale price of a single family home in the local area was $661,449 with a median sale price of $520,000. That’s a whopping increase of 31% over August of last year! Another story has emerged that as single family home prices increase, more buyers are switching to the more affordable condos thereby pushing condo sale prices higher. The sale price of a patio-home style condominium was $322,636, an increase of 10% over last August. Using a 12-month rolling average, condo patio prices are up 16%, condo apartment prices are up by 14% and, condo townhouse prices are up by 14%. Also, using a 12-month rolling average, building lot average sale pricing was $251,644, a 36% increase over last year.

In August of this year, 47% of homes sold in less than 2 weeks with 61% selling in 1 month. This is fast! The overall average length of time to sell a single family home was 24 days. However, many are now selling within even a couple of days and with multiple offers. Something else worth noting is that for single family homes sales in the local area since January 1st, by the end of August there were 56 sales over $1M, not including waterfront or acreage properties. That’s high for here!

The list to sell ratio was 112% in August! A lack of inventory has meant properties are selling faster and for more money. Consumer demand is high, and buyers are snapping up well-priced properties very quickly once they hit the market which can be frustrating for buyers.  Consumers have to be ready to make an offer when that preferred property is found. So if you are in a position to buy then I suggest you make your move. There is no reason to expect real estate pricing to drop as this region is so highly desirable. Typically in the fall though, we do see numerous price reductions on over-priced listings as the sellers get nervous about nearing the end of the active sales season.

Especially in 2016, we saw a large increase in the number of people 'cashing out' from what was an extremely heated Lower Mainland market and buying over here. For many, it's time to escape the Lower Mainland traffic. The difference in real estate pricing between here and there is huge! Sell there if you can and buy here for much less. That's the big win! Plus the quality of life here is so very good. Walking and biking trails are everywhere and it's a golfers and gardeners paradise here! Events in our local small towns wouldn't be what they are without the level of enthusiastic volunteerism that exists. So come join in and get involved!

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 while perhaps taking in some of those world-class city amenities. Couple that with being a 2 hour drive from Victoria or Tofino and being located within a 'stone's throw' from the enchanting Gulf Islands and Discovery Islands for day trips, makes this a highly desirable place to retire to and enjoy life. That's the really big win!

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