Around Town VIREB February Market Update

March 14, 2019

According to the Vancouver Island Real Estate Board’s (VIREB) February Statistics, sales of single-family homes from Duncan to Port Hardy were down 28 per cent from February 2018 and up 10 per cent from January 2019. 

February 2019 Multiple Listing Service® Sales Summary

• Comox Valley: $609,352, +9% from Jan., +17% last Feb., YTD units sold -24% 
• Campbell River: $458,132, -3% from Jan., +8% last Feb., YTD units sold -21%
• Port Alberni: $430,165, +41% from Jan, +20% last Feb., YTD units sold -26%
• Parksville/Qualicum: $605,158, 3% from Jan., -4% last Feb., YTD units sold -42%

Last month, 228 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 315 in February 2018 and 208 the previous month. In the apartment and townhouse categories, sales dropped by 20 per cent and 21 per cent, respectively. Inventory of single-family homes in February rose by 23 per cent from one year ago (812 to 999) while active listings of apartments climbed by 17 per cent (224 to 261) year over year and townhouses by 28 per cent (127 to 163).  Fewer buyers are competing for a property and sellers need to realize the glory days of 2016 and 2017 are over.

Excerpts from VIREB March 1 press release

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