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Real Estate Market Qualicum Beach Parksville & Area Levelling Out December 2018

Home > Market News > Real Estate Market Qualicum Beach Parksville & Area Levelling Out December 2018

Shift to a More Balanced Market

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Jan 10th, 2019 at 11:24 am

The Qualicum Beach Parksville Nanoose Bay Fairwinds Bowser Deep Bay area real estate market has levelled out and shifted towards a more balanced market. Local home sales in 2018 were at a slower pace compared to 2017. The number of single family home sales dropped by 22% with sales dollars down by 11% compared to 2017. However, the overall average sale pricing of single family homes in 2018 was up by 13% compared to 2017. At RE/MAX Anchor and RE/MAX First, our full-time REALTORS have the highest number of sales per REALTOR when compared to our local competition.  Outstanding Agents…Outstanding Results.

A more balanced real estate market has emerged with less upward pressure on home prices. In December, the median sale price of a single family home in the local area was $537,500 (not including waterfront or acreages) with an average sale price of $647,375. On a year-over-year basis, the 12 month average sale price is up by 13% over the previous year to $620,389. As single family home prices increase, more buyers have looked to buy more affordable condos. For patio-home style of condos on a year-over-year basis, the 12 month average price is up 18% over the previous year to $444,376. For building lots, the 12-month average sale pricing was at $251,080. Building lots are scarce and current inventory is low.

Real estate market sales in the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area see a great gray wave of Boomers (more like a gray tsunami...) retiring to the region. Retirees drive the local economy along with tourism. Retirees keep the trades people very busy with home renovations and new home construction.

A balanced market trend has emerged with single family home sale and condo sale pricing having moderated somewhat. I am calling it a 'levelling off.' (See the graph in Part 1 for single family home sale prices). This bodes well for buyers! Beginning this past summer, a trend has emerged towards more balance between supply and demand, causing less upward pressure on prices. Listings of single family homes are up by 74% compared to December of last year while the number of listings among all types of properties is up by 42% overall. It's important for Sellers to price their property competitively given the shifting dynamics in the real estate market. Time to sell in December was 55 days this year compared to 23 days this time last year and 28 days on average for the year. Sale price / list price was 93% for single family home sales in December but 98% on average for the entire year.    Contact Tom to find out more!

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