Prices of single family homes up as much as 23% on Vancouver Island as number of homes for sale remains low.
If you’re the type of real estate buyer who drives around in search of For Sale signs, you should put some extra gas in your car this spring. That’s because March 2017 compared to the previous March saw a decline in inventory in Greater Victoria by almost 41% and the rest of the island by 36%, meaning far fewer homes on the market so far this spring.
“Not so much surprising, we’ve been operating in the market for a year now if not a little longer where we’ve seen declining inventory” said Vancouver Island Real Estate Board spokesperson and Managing Broker of Remax Ocean Pacific in Comox Marty Douglas.
It means the seller’s market is coming with some sticker shock for buyers.
In the Comox Valley and elsewhere sellers are seeing multiple offers above the asking price on their properties and the eventual selling price at well above the asking price.
Those numbers are seen in a comparison of single family home prices in March this year over March 2016.
Victoria $790,100 +19.1%
Campbell River $323,100 +15%
Comox Valley $408,300 +15%
Duncan $353,000 +14%
Nanaimo $452,900 +23%
Parksville-Qualicum $463,500 +18%
Port Alberni $217,800 +12%
“From a buyer’s point of view, if it’s their first time into the marketplace it’s very unusual for them to be told you are going to have to think very quickly on your feet, be prepared to present an offer with as few subjects as possible” said Douglas.
The trend of low inventory and high prices is expected to last at least through the end of this year.