There were fewer homes sold in October due to low inventory but prices continues to rise.
In the Parksville Qualicum Beach area, its benchmark price for a single family house increased to $887,300, from $869,000 in September and $850,100 three months ago. A year ago, the benchmark price was $661,330.
Home sales in Parksville Qualicum Beach last month totalled 30, down from 77 a year ago.
The Vancouver Island Real Estate Board, which monitors statistics on home sales and prices, reported that last month by category, 398 single-family homes were sold, a 23 per cent decrease from one year ago.
There were 122 condo apartment sales last month, six per cent less from October 2020. In the townhouse category, 88 units sold compared to 98 the previous October.
The decline in sales is attributed to the dearth of active listings.
The board-wide benchmark price of a single-family home reached $757,300 in October, up 31 per cent year over a year. In the apartment category, the benchmark price hit $397,200 last month, a 30 per cent increase from October 2020. The benchmark price of a townhouse was up by 34 per cent year over year.
In Campbell River, the benchmark price of a single-family home hit $663,000 in October, up by 29 per cent from the previous year. In the Comox Valley, the year-over-year benchmark price rose by 31 per cent to $779,000. The Cowichan Valley reported a benchmark price of $756,900, an increase of 30 per cent from October 2020. Nanaimo’s benchmark price rose by 28 per cent, hitting $755,500.
The cost of a benchmark single-family home in Port Alberni reached $504,000, a 36 per cent year-over-year increase. The benchmark price for the North Island rose by 55 per cent, hitting $418,800 in September.
Active listings of single-family homes were 46 per cent lower last month than in October 2020 and dropped by 18 per cent from September. VIREB’s inventory of condo apartments declined by 63 per cent from one year ago and was 26 per cent lower than in September. However, there was some positive news for townhouse buyers. While active listings in this category dropped by 39 per cent year over year, inventory increased by 13 per cent from September.
In its most recent housing forecast, the British Columbia Real Estate Association (BCREA) stated the supply situation is especially severe in markets outside the Lower Mainland, including Vancouver Island. Listings activity has been lacklustre, and even if sales come back down to long-run average levels, total listings would need to nearly double to bring markets back into balance. The road to doubling those listings lies in increasing the housing supply.
— NEWS Staff