Buyer demand continues to outweigh supply in the VIREB market and competition for those few precious listings is fierce. Buyers continue to be frustrated with thier home search as inventory numbers reached an all-time low. The BCREA does not see the inventory situation improving until more supply comes on the market later this year. The BCREA and local real estate boards are advocating with policy makers to encourage streamlining the development process so that municipalities can expand supply more quickly to meet the growing demand.
It is an exciting time to sell your home as the robust market is impacting prices. Single family homes as a 15% increase over February 2020. Last month, we saw a 56% increase in the sales of single family homes since the same period last year with 417 units sold.
More than ever, it's important for buyers and sellers alike to work with a realtor to help them navigate the ever-changing envorinment.
As summer drew to an end we saw a dip in sales, with 11% fewer sales than August 2018 and 9% fewer than July 2019. The VIREB housing market has transitioned towards a balanced market, with some areas trending towards a buyers market. Sellers are recognizing the change in the market and adjusting their pricing expectations.
The Vancouver Island Real Estate Board has realeased their lastest stats for May 2019.
In summary, we continue to see a softening in the market. Current conditions are comparable to that of 2014 and it is expected that market conditions will continue into to fall. Weaker demand has resulted in a 22 percent increase in inventory of single family homes in the VIREB market compared to one year ago. Homes are moving more slowly but we are still seeing sales; and well priced properties are moving quickly.
To view the full report visit www.vireb.com
We saw a 28% drop in the sales of single-family homes and a 32% increase in inventory compared to January 2018. As expected, the shift towards a more balanced market is resulting in modest price reductions and lower demand as many buyers take a "wait and see" approach. The balanced market conditions offers buyers more choice and room to negotiate. This is not to say that it is a bad time for sellers to be getting into the market; just that sellers will need to adjust their expectations to the current market conditions rather than the record-setting pace we've experienced over the last few years.