Surrounding Islands 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

Surrounding Islands Real Estate Market Reports

Jason Anson’s February 2024 Real Estate Market Update for Surrounding Islands – Key Trends and Statistics.

The Surrounding Islands real estate market in February 2024 showcased significant shifts, setting the stage for an intriguing analysis. This report dives into the latest trends, comparing current data with the previous year to highlight key changes. Our focus on Surrounding Islands home values this February uncovers pivotal insights for buyers, sellers, and investors alike.

Market Overview of February 2024

February 2024 saw a vibrant real estate market on the Surrounding Islands, with data from the Vancouver Island Real Estate Board VIREB indicating positive movements across the board. The overall health of the market remains robust, influenced by economic indicators such as low interest rates and steady employment rates. A detailed segment analysis reveals a heightened interest in single-family detached homes, not on acreage or waterfront.

Detailed Analysis

Comparative Activity by Property Type for February 2024:
- Current Month Analysis:
  - Units Listed: Increased by 80.00% for single-family detached homes, indicating a growing seller market.
  - Units Reported Sold: A 100.00% increase in sales highlights rising demand.
  - Average Sell Price/Unit: Climbed by 8.57%, suggesting home values are appreciating.
- 12 Months to Date and Year to Date Analysis:
  - The listings and sales over the past year show a consistent market expansion, with a noticeable 4.20% increase in listings and a steady sales volume.

Impact on Buyers and Sellers

This market condition presents a competitive landscape for buyers, while sellers are likely to find advantageous selling conditions, reflected in the improved sell/list ratio and increased sales prices.

Regional Highlights

The Surrounding Islands region, particularly Zone 10 – Islands, stands out with remarkable sales volume and pricing trends, indicating a specific interest in this locale’s unique real estate offerings.

Active Listings

February witnessed a moderate increase in active listings to 22 from 18 last year, suggesting a slight ease in the market’s inventory constraints.

Market Insights

Emerging trends include a sustained interest in detached homes, influenced by buyers seeking more space. Legislative changes and infrastructure projects continue to shape market dynamics, affecting buyer and seller behavior.

Listings and Sales Volume

A noticeable uptick in new listings and total sales volume in February compared to the same period last year signals a robust and active market.

Pricing Trends

The average and median sale prices have seen an upward trajectory, driven by high demand and slightly constrained inventory levels.

Market Efficiency

A decrease in days to sell and a stable sell price/list price ratio indicate a market moving towards greater efficiency and balance.

Additional Considerations

Financial Market Overview: Current low-interest rates continue to positively influence real estate.
Upcoming Trends Forecast: Expect continued interest in detached homes, with potential shifts depending on interest rate changes.
Sub-market Analysis: Zone 10 – Islands remains a hot spot, with distinct trends worth watching for unique investment opportunities.

Conclusion:

The Surrounding Islands real estate market in February 2024 demonstrated vibrant activity, with notable increases in listings and sales volume alongside rising home values. This environment offers both challenges and opportunities for market participants. Buyers should act decisively, while sellers can leverage the favorable market conditions.

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© 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.