|Parksville Real Estate - http://midislandconnectors.com/|
I’ve been a Realtor in the Parksville, Qualicum Beach and Nanoose Bay area for coming up 10 years now. I’ve seen some interesting housing markets, but this is different. There have been ups and downs in pricing and inventory, but in the past, it somehow felt like a temporary condition based on local, regional or national factors – and it was, if you look at historical trends. We had guest speakers at our 460 Realty sales meeting last week – they were Realtors from Vancouver. They said we are looking at what they saw approximately 10 years ago. That’s scary. After listening to how their market now functions, it’s worrisome that this may be the way we’ll be doing business for listing and selling property here in the Mid Island area.
In Parksville-Qualicum Beach, there is a real shortage of inventory for single family homes – to the tune of about 22% less than over a year ago. We’re also showing rather strong price increases of on average 22% for single family homes compared to the same time last year, but overall year to date, a more modest 10%, which is still really good. We have averaged 5% price rise per year for the past several years, which is a more stable and preferred real estate market. The other difference we’ve noticed is that the list to sell ratio has crept up to 99-100% compared to 96-97% a year ago. Also, more buyers are coming from the lower mainland than ever before, which is creating a real shortage in the the used inventory market of 3 bedroom, 2 bath rancher style homes. New construction cannot keep pace with the demand, putting a strain and shortage on existing available inventory. New home prices are creeping up steadily. The price point of a 3 bedroom, 2 bath 1600 sq ft home on an average .18 acre lot was approximately $399,000 plus GST two years ago.
-Sue Tompkins - [ Link Details for Parksville Real Estate ]