Real Estate Market 2014 Year End Review & Looking Towards 2015.

Home > Market News > Real Estate Market 2014 Year End Review & Looking Towards 2015.

Real Estate Qualicum Beach Parksville & Area to Nanoose Bay

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Dec 3rd, 2014 at 4:36 pm

REAL ESTATE NEWSLETTER DECEMBER 2014
NANOOSE BAY TO QUALICUM BEACH & AREA
VANCOUVER ISLAND, BC


2014 Year End Review & Looking Towards 2015

Our market has been fairly active this year. The stats for the month of November show that during January to the end of November this year compared to last, single family sales were up by 20% with the average selling price up 5%. Sales were predominantly under the threshold of $450,000. The average sale price for a single family home in this region over the past 11 months is $394,160 with a median sale price of $361,000. The average time to sell is typically 2 to 3 months. Our local real estate market pricing hit bottom in the summer of 2013. However, gains by about the rate of inflation have been the norm since then. We should be in for a very good year in 2015.

An interesting trend in 2014 saw a large increase in local buyers coming from areas in close proximity while at the same time there was a large decline in buyers coming from the Prairie provinces. This was opposite to that of 2013 when about 50% of my buyers did come from the Prairies. With the possibility of a continued decline in the price of crude oil, we may see more folks leaving the oil patch to move here for almost year-round golf (we do have 6 local courses), cycling, gardening etc.. For those who do need some snow, Mt. Washington skiing is under an hour away. How great is that!

Over the past 3 years I have seen 30 - 40% of my buyers coming from Victoria, Vancouver and the Lower Mainland. Perhaps, as home pricing is disproportionately high in those areas, in 2015 we may see even more people selling there and buying here for a fraction of the cost. This may allow them the opportunity to pocket the difference for a way better lifestyle and could be a deciding factor for buyers of all ages....

In the post-recessionary period, inexpensive Arizona real estate swept our vacation buyers away from both Vancouver Island and the Okanagan. Today the good deals are gone in Arizona and with the dollar perhaps headed for 80 cents, we may see the Americans return after having been absent since 2008.

The biggest number of North American Baby Boomers hitting 65 yrs old was in 2011 but at that time folks were financially still dealing with post recession. A lot of Boomers felt they had to keep working longer. Now that they’ve recovered their losses from 2008/09 and made solid gains perhaps it’s time to retire! Two of my favourite sayings for wanna-be retirees is “Be careful you don’t squander your healthy retirement years working...if you don’t have to.” and “How much is enough?”

A CREA stat is that Canadians move, on average, every 3 to 5 years. However, the planning horizon in retirement seems to be about 20 years. Another CREA stats say that 50% of buyers ‘know’ in the first 3 minutes of entering a home. Why...because it tugs at the heart strings.

At the end of the day, a home is a place to live, not just an investment. A home is a place for family, friends and making memories.

Remember, if you don’t see the listing you want on the website, please let me know and I will find it for you.  Also, if you are coming out to house-hunt, please let me know ahead of time and I will schedule time to show you suitable properties.  And a hearty THANK YOU to all my past clients.  Remember, I am never too busy for the referral of your friends and family.

 

Merry Christmas to all! See you in 2015!

Listings by Community

Featured Listing

Video Tours

Search by Price

Price:
 
Sort order:
Results/page:

Listings by Type

Tom's Picks

Community Info

Community Resources

Community Videos

  • Amazing Places in the Mount Arrowsmith Biosphere Region
RE/MAX Platinum Club Badge RE/MAX Hall of Fame Badge Qualicum Beach REALTOR® Tom Whitfield

Green Homes

Green Homes Icon

Weather

Web cam thumbnail preview image

Tools

Resources

Video