Real Estate Market Update for July

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Strong Sales Continue Through July

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Aug 13th, 2016 at 6:41 pm

Sale pricing of single family homes over the first 7 months of 2016 is up by 14% with sales volume expressed as overall dollars up by 27% over the first 7 months of last year. For Vancouver Island July sales, the number of days to sell has been quite fast with 32% of homes selling within 1 week and 54% of homes selling in 4 weeks. The more expensive homes have been selling quickly too. Of the 33 single family homes that have sold locally for over $1M so far this year, 48% have sold in less than 2 weeks! Buyers have to act fast or risk losing out. There has been a large increase in the number of people 'cashing out' of the extremely heated Lower Mainland market and buying here. It's time for many 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. Hiking and biking trails are everywhere and it's a golfers and gardeners paradise! Events in our local small towns wouldn't be what they are without the level of enthusiastic volunteerism that exists. Here, 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 amenities. Couple that with being a 2 hour drive 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. See Market News for more.

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