The Vancouver Island Real Estate area saw steady sales and slight increases in inventory in the month of April 2021. There were 829 total sales in the board area which was within 1% of the previous month's sales volume. Single Family home sales specifically were up 3.8% from the previous month with 590 sales. There were 133 condo sales, only 3 units less than March, and 106 townhouse sales (14.5% down).
As sales continued strong, inventory finally managed a push to outpace demand leading to an 8% increase in single-family homes available on the MLS at the end of April. Condos did even better rising 16%, together providing mild relief for buyers desperate for options. Inventory of townhomes dropped 8%.
Any increase in inventory is a good sign and it is possible we could be seeing the start of a market change. BCREA (the BC Real Estate Association) forecasts a significant decrease in sales volume for 2022. While BCREA looks into their crystal ball, the short term is clear: we are still deep in a hot seller's market and any change from that will be slow in coming. Anecdotally, we see that the time it takes to sell a house in the Cowichan Valley was 17 days in April 2021 in comparison to a full 53 days in the same month last year. Properly priced homes are still selling over ask (5.46% over ask on average in April in the Cowichan Valley).
Benchmark home prices according to the home price index (the “average” home in the VIREB area) rose 4% from March to hit $659,300, 22% up from the previous year. Condos board-wide hit $345,200 also up 4% from March but only 14% up from the previous year. Townhomes hit $499,200, 3% from the previous month and 21% from last year.
Benchmark prices regionally:
| Campbell River | $588,800 | +25% |
| Comox Valley | $692,300 | +24% |
| Duncan | $596,300 | +9 |
| Nanaimo | $683,000 | +23% |
| Parksville-Qualicum | $743,400 | +16% |
| Port Alberni | $417,700 | +26% |
| North Island | $305,000 | +19%. |
The Neal Estate Team had a strong April too, with over $20,000,000 sold for the month, and helping our clients move their families and navigate an ever-changing market. If you are thinking of making a move but are afraid to sell without knowing where you are going to go, and are unable to competitively purchase without having sold, we have options and solutions for you.
If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate TeamYour Victoria & Vancouver Island Real Estate Experts“Let our experience be your guidewww.RonNeal.comwww.HomesOnVancouverIsland.ca
