Steady Gains for Home Prices on Vancouver Island
March 2019 Real Estate Stats for Vancouver Island, Parksville, Qualicum Beach
When it comes to the Vancouver Island real estate market, March entered more like a lamb than a lion in 2019. We had 309 single-family homes sold, compared to 399 in March of 2018. Potential sellers were not so quick to list and as a result, we weren't seeing the inventory we have in the past.
The good news - benchmark prices for homes in all zones showed conservative increases, and the April market showed definite improvement in activity. The benchmark price for a single-family home on Vancouver Island in March 2019 was $510,800, compared to $483,300 12 months ago. In Zone 5, homes in the Parksville, Qualicum Beach area, the benchmark price was $577,300, compared to $553,500.
The market is becoming more balanced, compared to a year ago when we saw a stronger seller's market. One of the issues we're noticing, and possibly hampering a quick sale, is over-pricing. This balanced market has tempered some of the price spikes we saw 2 years ago, where homes sold for higher prices because of the demand. Those same prices don't necessarily reflect today's market.
As always, count on your agent to help you price your home realistically, based on the current market research and comparable properties in your area.
Single-Family Home Benchmark Prices on Vancouver Island - March 2019
See below for March 2019 benchmark prices for single-family homes on Vancouver Island, including Parksville, Qualicum Beach, Port Alberni and Campbell River.
Single-Family Home 2018 / 2019 Price Comparison
This is how home prices on Vancouver Island compared from March 2019 to March 2018.