Benchmark price for single-family PQB home hovers near the $1M mark

The benchmark price of a single-family home in the Parksville Qualicum Beach area continues to hover near the $1M mark.

For the month of July, the price jumped by 20 percent over the same time a year ago, and sits at $982K.

The Vancouver Island Real Estate Board’s monthly report indicated that due to a significant increase in inventory, July brought more options for buyers in the VIREB area.

Last month, active listings of single-family homes (not acreage or waterfront) climbed by 142 percent from July 2021 and 15 percent from June 2022, reaching 1,387. VIREB’s inventory of condo apartments hit 336 in July, 91 percent higher than a year ago and up by 14 percent from June. There were 267 row/townhouses for sale in July, a 107 percent year-over-year increase and up by 20 percent 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.”

By category, there were 297 single-family-home sales in July, a 34 percent decrease from one year ago and down by 27 percent from June. There were 75 condo apartment sales last month, a decline of 37 percent year over year and down by nine percent from June. In the row/townhouse category, 51 units changed hands in July, down 49 percent from one year ago and 25 percent from June 2022.

Despite higher inventory and lower sales, prices continue to rise throughout the VIREB area. The board-wide benchmark price of a single-family home reached $856,700 in July, up 22 percent from one year ago. In the apartment category, the benchmark price hit $450,200 last month, a 26 percent increase from July 2021. The benchmark price of a townhouse increased by 23 percent, climbing to $624,700 in June. However, the benchmark price for the overall board area dipped by one percent from June to July.

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. Nanaimo’s benchmark price rose by 21 percent, reaching $883,400. The cost of a benchmark single-family home in Port Alberni reached $611,800, up 27 percent from the previous year. For the 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.

— NEWS Staff, submitted

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