In the Loop: July 2022 Real Estate Market Stats
July brings more options for buyers!
Due to a significant increase in inventory, July brought more options for buyers in the Vancouver Island Real Estate Board (VIREB) area.
Last month, active listings of single family homes (not acreage or waterfront) climbed by 142% from July 2021 and 15% from June 2022, reaching 1,387. VIREB’s inventory of condo apartments hit 336 in July This is 91% higher than one year ago and up by 14% from June. There were 267 row/townhouses for sale in July, a 107% year-over-year increase and up by 20% from June.
The additional inventory gives buyers more choices and mitigates the need to move too quickly when making an offer. Kelly O’Dwyer, 2022 VIREB President-Elect, notes that while sales have slowed. The tempo is more reminiscent of a typical summer market, but one the board has not seen in several years.
“While higher interest rates are certainly impacting the market. Some buyers are postponing their home purchase and planning to revisit the process in the fall,” says O’Dwyer. “The pandemic threw a wrench into the real estate market, but what we’re experiencing now feels more like a typical summer.”
O’Dwyer also notes that REALTORS® is seeing price reductions on higher-priced properties, and multiple offers have decreased. Sellers may have to adjust their price expectations now that the market has shifted, although it is too early to say how long these conditions will persist.
By category, there were 297 single-family-home sales in July. This is a 34% decrease from one year ago and down by 27% from June. There were 75 condo apartment sales last month. Which is a decline of 37% year over year and down by 9% from June. In the row/townhouse category, 51 units changed hands in July. This is down 49% from one year ago and 25% from June 2022. Notwithstanding higher inventory and lower sales, prices continue to rise throughout the VIREB area.
- Nanaimo’s benchmark price rose by 21 percent, reaching $883,400
- In Campbell River, the benchmark price of a single-family home hit $755,800 in July, up by 21 percent from the previous year
- In the Comox Valley, the year-over-year benchmark price rose by 21 percent to $914,100. The Cowichan Valley reported a benchmark price of $879,300, an increase of 24 percent from July 2021.
- Parksville-Qualicum area saw its benchmark price increase by 20 percent to $982,000.
- Port Alberni’s benchmark price for single-family homes reached $611,800, up 27 percent from the previous year.
- North Island, the benchmark price of a single-family home rose by 29 percent to $478,300.
- Excluding the Comox Valley and North Island, all zones in the VIREB area saw small month-over-month price reductions from June to July.
July 2022 Nanaimo Real Estate Market Stats
July 2022 Parksville/Qualicum Real Estate Market Stats
There is a clear shift in the market as we appear to go towards a more balanced market!
What does this mean for you?
We are prepared to help you through the process from strategy right through to moving.
Call our team to learn how to buy or sell your home in this market: (250) 751-1223
Original Source: VIREB