The benchmark price for a single-family home in the Parksville Qualicum Beach area went up by two per cent to $588,500 from $576,100 from a year ago.
However, compared to last month, the price was slightly down .17 per cent from $589,500.
Sales of single family residential home were also lower by eight per cent from 12 months ago to 61 units sold from 66 in July 2018. The average sale price also declined three per cent to $605,679 from $621,305.
But according to the Vancouver Island Real Estate board, sales of single-family homes in July board-wide rose by three per cent year over year and were 12 per cent higher than in June.
Last month, 453 single-family homes sold on the Multiple Listing Service System compared to 406 the previous month and 438 in July 2018. Sales of apartments dropped by 14 per cent year over year while townhouse sales increased by 22 per cent.
Realtors are reporting that housing sales are steady, even brisk in some areas, but certainly less robust than they were in 2016, 2017, and 2018. Weaker housing demand has contributed to an increase in total active residential listings across the province.
In the VIREB area, inventory of single-family homes in June rose by nine per cent from one year ago (1,419 to 1,552). Active listings of apartments climbed by 30 per cent (292 to 381) year over year but townhouse inventory decreased by 10 per cent (195 to 217).
Prices in the VIREB area are still rising, but they are softening compared to the price increases posted during our long-running sellers’ market.
The benchmark price of a single-family home was $513,700 in July, a three per cent increase from one year ago and slightly lower than in June.
In the apartment category, the year-over-year benchmark price rose by five per cent, climbing to $302,600, but was slightly lower than in June. The benchmark price of a townhouse rose by two per cent, hitting $410,600 last month, the same price as in June.
Regionally, the benchmark price of a single-family home in the Campbell River area last month was $434,300, an increase of six per cent over July 2018. In the Comox Valley, the benchmark price reached $516,200, up by two per from one year ago. Duncan reported a benchmark price of $472,000, an increase of two per cent from July 2018. Nanaimo’s benchmark price rose by three per cent to $556,400. The cost of a benchmark single-family home in Port Alberni reached $322,500 in July, an 11 per cent increase from one year ago.
Although month-over-month price fluctuations are less useful for anticipating trends, it is interesting to note that several zones did experience small price reductions on single-family homes from June, including Campbell River, Comox Valley, Nanaimo, and Parksville-Qualicum.
Trend-wise, VIREB’s housing market has transitioned from one favouring sellers to one that is balanced. Kevin Reid, 2019 President-Elect, reports that sellers now recognize that the market has shifted and are pricing their homes accordingly. However, he notes that the release of home assessments has caused some confusion among homeowners, who are not always aware the assessed value reflects trends that are several months behind the current market value, which is frequently lower.
“Whether you’re a buyer or seller, a REALTOR® can help you cut through the fog of confusion around home prices,” says Reid. “We have access to tools and market analytics that allow us to determine an optimal selling price for your home and help you find a house that fits your needs and budget.”
— NEWS Staff,
submitted
