Strong Seller's Market Continues in July

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  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Aug 3rd, 2017 at 4:32 pm

The Qualicum Beach Parksville Nanoose Bay Fairwinds real estate market showed a continuation of a strong seller's market in July. There were 236 active listings at the end of last month, a drop of 25% from the 314 on the market in July 2016, which led to sellers getting excellent prices for their homes. The average sale price of a single family home in the local area was $529,786 in July with the median sale price of $489,500. This represents an increase of 7% over July of last year. The sale price of a patio-home style condominium was $430,608 showing an increase in sale pricing of 12% using the 12 months to date rolling average figures. Building lot average sale price was $224,667 showing an increase in sale pricing of 31% using the 12 months to date rolling average figures. Single family sales volume in terms of both dollars and number of homes sold was about the same last month as compared to July 2016. Low inventory and high demand continues to put pressure on pricing. Another story has emerged and that is as the single family home prices increase, more buyers are switching to more affordable condos and thereby pushing condo sale prices higher. 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 the region is so highly desirable. However, we are seeing some price adjustments taking place as sellers come to realize that pricing still must be realistic.

The length of time to sell a single family home here during the month of July was 24 days. However, about 50% of homes sell in under 2 weeks, many within a couple of days and with multiple offers. Yet with even a few over-priced homes taking much longer to sell, the average days to sell ends up being longer. The list to sell ratio was 98% in July. 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 quickly once they hit the market. Multiple offers are common which can be frustrating for buyers. It is common to see a slow-down in activity during the summer months. However, with the current high demand, August will likely see strong sales too. Additional properties do enter the market in late August and early September as family activity is reduced with the grandkids back in school. Buyers take heart!

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! Call Tom!

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