The Vancouver Island Real Estate Board for the Vancouver Island area focusing on residential single-family detached homes (excluding acreage and waterfront properties) for November 2023, we can draw several insights and trends.
- Units Listed: There’s been a decrease in the number of units listed compared to the previous year, both in the current month (-4.34%) and over the 12 months to date (-17.52%). This suggests a tightening of the market with fewer properties being offered for sale.
- Units Reported Sold: The number of units sold has also decreased slightly (-2.48% in the current month, -6.98% over 12 months). This could indicate a cooling market or potentially a shortage of available properties meeting buyer demands.
- Sell/List Ratio: The sell/list ratio has increased in the current month compared to last year, suggesting a higher proportion of listed homes are being sold. However, the yearly comparison shows a slight decrease, indicating a more competitive market last year.
- Reported Sales Dollars: There’s an increase in sales dollars in the current month compared to last year (+2.40%), but a notable decrease over the year (-13.11%). This could imply that while fewer homes are selling, those that do are fetching higher prices.
- Average and Median Sell Price: Both average and median sell prices have increased in the current month compared to last year, indicating a rise in property values. The year-to-date figures, however, show a decrease compared to the previous year, potentially reflecting a broader market adjustment.
- Sell Price/List Price Ratio: The sell price/list price ratio has slightly decreased compared to last year, suggesting that homes are selling closer to their asking price, reflecting a market where buyers have slightly less negotiating power.
- Days to Sell: Homes are taking longer to sell compared to last year, indicating a market that is slightly less dynamic and perhaps more favorable to buyers.
- Active Listings: The number of active listings has decreased compared to last year, which could contribute to the increased sell/list ratio and the higher average selling prices due to limited supply.
In summary, the Vancouver Island residential real estate market for single-family detached homes shows signs of stabilizing with increasing property values, despite a slight cooling in terms of sales volume. The reduction in active listings suggests a seller’s market, but the increased days to sell indicates that buyers are taking more time to make decisions. This analysis provides a clear picture of the current market dynamics, highlighting the importance of understanding local trends for both buyers and sellers.
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