November Real Estate Market Update in Around Town
Vancouver Island Real Estate Board (VIREB) recorded 566 unit sales board-wide (all property types) in November. 267 single-family homes sold, up 14 per cent from November 2023. Sales of condos came in at 62 units, increasing by 13 per cent. In the row/townhouse category, 76 units sold, up 58 per cent from 2023.
| SF MLS ® | Average Sale $ | $ Change |
| Comox Valley: | $848,580 | -5% last November |
| Campbell River: | $787,310 | +7% last Nov. |
| Port Alberni/West: | $604,595 | +6% last Nov. |
| Parksville/Qualicum: | $879,243 | -13% last Nov. |
VIREB expects the year to close with a balanced market and increased sales. Active listings were up in November for single-family homes (1,105 vs 1,040) and condo apartments (314 vs 285), but down for row/townouses (257 vs 282). The absorption rate is about 16%, and it’s expected there will be around 7,900 by the end of 2024.
Board-wide benchmark prices continue to tick up with the average single-family home in the VIREB service area selling at $778,400. Apartments average $396,400 and townhomes averaged $544,440. Regional Campbell River had a benchmark price of $713,700, Comox Valley $842,600, Parksville-Qualicum $885,900, Port Alberni $494,400, and the North Island $430,700. Increases were between two and seven percent.
Comparing November 2023 and November 2024, the number of single family homes that sold in Campbell River decreased from 30 to 21, Comox Valley increased from 30 to 43, Port Alberni-West Coast decreased from 25 to 19, and Parksville-Qualicum increased from 35 to 47.
Source: VIREB Monthly Stats
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