Mill Bay Home Values in February 2024

Avg Home Prices

Vancouver Island: $844,196 l North Island: $391,667 l Comox Valley: $947,555 l Cowichan Valley: $812,181 l Pacific Rim: $583,496 l Parksville & Qualicum: $1,064,865 l Nanaimo: $847,984 l Campbell River: $766,992 l Surrounding Islands: $580,000 l Chemainus: $620,000 l Cobble Hill: $872,500 l Cowichan Bay: $872,000 l Crofton: $653,000 l East Duncan: $823,850 l Honeymoon Bay: $809,750 l Ladysmith: $877,500 l Lake Cowichan: $624,667 l Mill Bay: $1,117,000 l Shawnigan Lake: $764,000 l West Duncan: $722,576 l Youbou: $450,000 l Kelsey Bay & Sayward: $375,000 l Port Hardy: $260,000 l Port McNeill: $540,000 l Central Campbell River: $641,571 l North Campbell River: $994,900 l South Campbell River: $715,000 l West Campbell River: $674,950 l Willow Point: $835,154 l Town of Comox: $914,294 l City of Courtenay: $780,250 l East Courtenay: $1,006,786 l North Courtenay: $1,407,450 l South Courtenay: $1,019,267 l West Courtenay: $662,500 l Crown Isle in Courtenay: $1,248,850 l Cumberland: $911,250 l Merville & Black Creek: $916,400 l Union Bay & Fanny Bay: $820,000 l Brechin Hill in Nanaimo: $515,000 l Cedar: $1,075,000 l Central Nanaimo: $643,067 l Chase River Area of Nanaimo: $756,300 l Departure Bay in Nanaimo: $871,286 l Diver Lake in Nanaimo: $828,967 l Extension area in Nanaimo: $520,000 l Hammond Bay in Nanaimo: $1,111,875 l Lower Lantzville: $935,000 l North Jingle Pot: $1,189,000 l North Nanaimo: $1,035,136 l Old City Nanaimo: $601,333 l Pleasant Valley in Nanaimo: $689,967 l South Jingle Pot in Nanaimo: $761,000 l South Nanaimo: $681,870 l University District in Nanaimo: $904,648 l Uplands in Nanaimo: $672,528 l Upper Lantzville: $1,366,500 l Bowser & Deep: $1,014,000 l Fairwinds: $1,321,650 l French Creek: $1,079,750 l Nanoose: $1,525,500 l Parksville: $929,070 l Qualicum Beach: $896,764 l North Qualicum: $880,000 l Alberni Valley: $720,000 l Port Alberni: $541,018 l Ucluelet: $783,000 l

Real estate advertisement for Jason Anson, featuring a 'SOLD' sign and detailed market update for Mill Bay for February 2024. The ad includes a comparison of average selling prices, listing statistics, and days on the market with a year-on-year percentage increase, as well as contact information and social media handles for Jason Anson. — Discover the latest Mill Bay real estate trends with Jason Anson’s comprehensive market report for February 2024, highlighting significant growth and listing activity.

In February 2024, the Mill Bay area experienced notable changes within its real estate market. This report highlights the evolving landscape of home values, focusing on listings, sales volume, and pricing trends. With an increase in units listed and a stark contrast in the sales volume compared to the previous year, this month’s analysis provides critical insights for both buyers and sellers navigating the Mill Bay market.

Market Overview of February 2024

The Vancouver Island Real Estate Board’s data reveals a dynamic shift in the Mill Bay real estate market this February. Listings increased significantly, indicating a more vibrant market with more options for buyers. However, the decrease in units sold year-over-year suggests a competitive environment, potentially impacting pricing and selling strategies. Economic indicators, alongside local factors such as interest rates and employment rates, continue to play a crucial role in shaping the market landscape.

Detailed Analysis

Comparative Activity by Property Type for February 2024

Current Month Analysis:
- Units Listed: There was a 200% increase in listings compared to last year, with 3 units listed.
- Units Reported Sold: Sales saw a significant decrease, with only 1 unit sold compared to 3 last year.
- Sell/List Ratio: Dropped to 33.33% from 300.00% a year ago.
- Reported Sales Dollars: Saw a decline to $1,150,000 from $2,099,000 last year.
- Average Sell Price/Unit: Increased to $1,150,000, up 64.36% from the previous year.
- Sell Price/List Price Ratio: Slightly decreased to 95.91% from 97.27% last year.
- Days to Sell: Improved significantly, with properties now taking 29 days to sell, down from 77.

12 Months to Date and Year to Date Analysis:

The data indicates a positive trend in listings year-to-date, with a 100% increase. However, sales volume shows a decline, suggesting a shifting balance between supply and demand. This dynamic may influence future market strategies for both buyers and sellers.

Impact on Buyers and Sellers

The current market conditions hint at a more competitive environment for buyers due to increased listings, while sellers might experience longer selling times, evidenced by the drop in the sell/list ratio.

Regional Highlights

Mill Bay’s market dynamics emphasize the area’s growing appeal, though the reduced sales volume could signal cautious buyer behavior or a mismatch in price expectations.

Active Listings

With active listings at 8, compared to 3 from the previous year, the market shows a significant increase in available properties, hinting at a more buyer-friendly environment.

Market Insights

The notable increase in average sell price/unit reflects a market that, despite reduced sales volume, continues to see value in the properties listed, possibly driven by unique property features or desirable locations within Mill Bay.

Listings and Sales Volume

The stark contrast in listings and sales volume year-over-year indicates a market in flux, with potential for both challenges and opportunities for stakeholders.

Pricing Trends

The increase in average selling price despite reduced sales volume suggests a market where high-value properties may be defining the current pricing trends, affecting overall market perceptions.

Market Efficiency

The reduced days to sell indicates an efficient market for properties that meet buyers’ expectations, highlighting the importance of pricing and presentation in the current market.

Conclusion

February 2024’s Mill Bay home values report underscores a market experiencing significant changes, with increased listings and notable shifts in pricing trends. For buyers, the market presents more options, while sellers face the challenge of adjusting to a more competitive landscape. Understanding these dynamics is crucial for making informed decisions in the Mill Bay real estate market.

🔍 Seeking market insights? Discover how trends can benefit you!

🏠 Thinking of Buying or Selling? Explore your options.

📲 Call or Text: 1-250-252-SOLD

For Expert Advice, visit https://jasonanson.ca/book-a-call/.

Comments are closed

Jason Anson Personal Real Estate Corporation

© 2024 - Jason Anson Personal Real Estate Corporation at eXp Realty. MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. Member of The Canadian Real Estate Association and more.