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Real Estate Market Update May 2019 Qualicum Beach Parksville Area Vancouver Island, BC

Home > Market News > Real Estate Market Update May 2019 Qualicum Beach Parksville Area Vancouver Island, BC

May 2019

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Jul 15th, 2019 at 7:25 pm

To get at the overall trends in the local market, I have summarized the sales figures over the first 5 months (Jan Feb Mar April May) of 2019 & compared that to the same period in 2018. Tabulated results for 2019 show that average sale pricing for single family homes is down by just 1% to $611,552. It has been a somewhat slower spring market this year as the number of single family homes sold is down by 9%. It is taking a bit longer to sell in this market as the days to sell is up by 29% to 38 days. In summary, prices are holding steady, sales are down a bit, it’s taking longer to sell & the number of listings are up.

The real estate market has ‘levelled out’ in terms of pricing and has become more of a balanced market. At least for now, gone are the double digit price increases & unsettling multiple offers that we have seen during the past 3 years. Specifically in May, the median sale price of single family homes was $571,000,000 with an average sale price of $590,774 (not including waterfront or acreages). This is down by 3% compared to May of 2018. Again for May, patio-home condos sold on average for $479,033, apartment condos sold for $265,374 & townhomes averaged $578,043. Only 1 building lot sold in May. However, current inventory has jumped to 42 lots which is up considerably over May of last year. The list to sell ratio for single family home sales was 96% in May. Single family homes listings are up by 28% & in all types by 18% when compared to May of last year.   

Locally, this is a small real estate market in a great locale.

Buyers want to move here, especially in retirement, for both the milder climate & better lifestyle. Sellers generally either want to downsize, move to another home with an ocean view that they didn’t have before, or to relocate back to where their kids & grandkids live. Here, we 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 busy with home renovations & new home construction. The 'elderhood market' is now known as the new silver economy. This will have a dramatic effect on society, with tremendous business opportunities that emerge from this burgeoning demographic.

The 2018 RE/MAX Recreational Property Report states that although the BC market is driven primarily by retirees, an emerging trend is the presence of couples and young entrepreneurs in search of work/life balance. The BC speculation tax does not apply to the Qualicum Beach/Parksville area. Some may acquire a recreational property as the cost of home ownership in places like Vancouver and Victoria has become prohibitive. For others it’s a stress-relieving escape from a fast paced life and career. While for others it can be part of a retirement strategy.

A balanced real estate market trend in the Qualicum Beach Parksville area has emerged with single family home & condo sale price increases having moderated or 'levelled off.' If you go to the ‘Market News’ tab on my website you will see the graph in Part 1 showing single family home sale pricing over time & see for yourself how it has ‘levelled off.’

 

At RE/MAX Anchor in Qualicum Beach & at RE/MAX First in Parksville, our full-time REALTORS have the highest number of sales per REALTOR when compared to our local competition.
Outstanding Agents…Outstanding Results.

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