Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in July 2020.
Find all the infographics related to the February Market Statistics by visiting the Facebook Album.
Greater Victoria
According to the Victoria Real Estate Board “Victoria real estate market continues to adapt in the changing times”. In August 4, 2020, the Board released that a total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7% more than the 706 properties sold in July 2019 and 21.2% more than the previous month of June 2020. Sales of condominiums were up 11.2% from July 2019 with 239 units sold. Sales of single-family homes were up 61.1% from July 2019 with 559 sold.
“If we look at the numbers alone, June and July were unseasonably busy months and the number of sales this month are on the higher end of our market for a typical July,” says Victoria Real Estate Board President Sandi-Jo Ayers. “But we are not in a typical season. We cannot derive an ongoing trend nor forecast by looking at the activity because we know the market is subjected to unusual factors amidst a health crisis. Our spring market was delayed because of the pandemic. It is likely that our spring demand moved into summer now that folks are moving around our community more freely. Time will tell if these factors are resulting in a very compressed cycle of activity or if this trend will persist in the fall.”
Nanaimo
Parksville / Qualicum
Looking for more information about the real estate market in specific neighbourhoods in Victoria, Parksville, Nanaimo, Vancouver Island and the Gulf Islands?
Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and on Salt Spring Island. Please email [email protected] or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.
