If you own a home, or are thinking of buying a home, it is a good idea to stay up to date about the current real estate market. For many, your home is your biggest investment. I hope to share my expertise with you on current trends in the market on a twice yearly basis here in the Discovery Islander. My stats come from various sources including the Vancouver Island Real Estate Board (VIREB), my brokerage RE/MAX Check Realty in Campbell River, the MLS, as well as Trenlii which is a powerful data analysis tool that I subscribe to. While Quadra and Cortes Islands are unique markets, market trends on Vancouver Island and especially in Campbell River do provide some insight on what is happening here in our tiny market.
The current state of the market in Campbell River, as well as on Quadra and Cortes is great for sellers, but challenging for buyers. We are experiencing a drawn out period of low inventory. There is very little out there to buy! Agents are working with buyers who may be feeling a bit of frustration. It has gotten to the point where I have started educating my buyer clients to be ready to buy a house the day they see it or it may be gone! That means they really need to deal with a lender early on and be ready with that deposit. Multiple offers on new listings have become commonplace across Vancouver Island especially in the popular $250-350,000 price range. So if you were thinking of selling your home, now is the time!
Across Vancouver Island the number of home sales has dropped since last year but this is most likely due to low inventory (38% fewer single family homes listed this year). Evidence to support this would be the 99% list price to sell price, as well as the increased median price of homes in Campbell River.
Lot prices have gone crazy across Vancouver Island. The median price for a lot in Campbell River is $150,000 (up from $128,000 last month), in the Comox Valley it’s $215,000, in Qualicum/Parksville it’s $347,500 (a huge jump from $300,000 last month) and in Nanaimo it’s $299,900 (up from $250,000 last month). Also Nanaimo posted a 108% list price to sell price for lots which is really unusual!
The benchmark price for a single family home has gone up in all areas since last year. In Campbell River and in the Comox Valley it has gone up 17% to $318,000 and $401,000 respectively. In Nanaimo it has risen 25% to $444,400 and in the Parksville/Qualicum area it’s risen 20% to $454,100. Overall prices for apartments in the VIREB area went up 22% and townhouses went up 20%.
Another interesting fact is that the cost of new construction has risen so quickly it has not yet been reflected in the pricing of existing homes. So rather than build new, many homeowners are choosing to do major renovations in their current homes. This will also reduce the supply of housing in the market.
I hope you have found this information useful. As you can see, if you have been contemplating selling your home, now is the time. Real estate is cyclical and sellers would be wise to take advantage of current market conditions because they won’t last forever. If you are looking to buy or sell a home, or if you have any questions for me, please feel free to call me at 250-203-8652 or email at email@example.com