Qualicum Real Estate Market Stats: August 2023 Update

The community of Qualicum in British Columbia is a stunning area known for its breathtaking scenery, a strong sense of community, and high-quality single-family homes. In this months; Qualicum real estate update, we'll delve into the MLS data from August 2023 to give you an idea of how the single-family home market is shaping up in Qualicum, BC.

Snapshot of Key Figures for August 2023

• Number of Active Listings: 72
• Number of Sales: 25
• Median Sale Price: $954,500
• Average Days on Market: 25

Number of Active Listings

The number of active listings in Qualicum was 72 in August 2023, a modest decrease from 75 in July 2023 and 84 in August 2022. This reduction suggests a slight tightening of inventory, which may impact both buyers and sellers.

Number of Sales

There were 25 sales in August 2023, slightly up from 21 in July 2023, but comparable to 22 in August 2022. While the number of sales has remained fairly consistent year-over-year, the slight uptick from July to August suggests a growing interest in Qualicum's housing market.

Median Sale Price

The median sale price for single-family homes was $954,500 in August 2023, marginally down from $958,000 in July 2023. However, it's important to note that this is substantially higher than the median sale price of $872,500 in August 2022, reflecting a longer-term upward trend in home values in the community.

Average Days on Market

Homes in Qualicum spent an average of 25 days on the market in August 2023, a slight increase from 18 days in July 2023 but still well below the traditional 30-day benchmark that usually suggests a balanced market.

What Do These Numbers Mean?

For Buyers

If you're looking to purchase a single-family home in Qualicum, it may be beneficial to act sooner rather than later. The tightening inventory and upward trend in median home prices suggest that you could end up paying more if you wait. However, the increase in the average days on the market could mean that you have a bit more time to consider your options.

For Sellers

If you're planning to sell, this is generally good news for you. The rising median sale price year-over-year indicates that your property has likely appreciated in value. With the average days on the market still under a month, homes are selling relatively quickly, but a slight uptick in this number suggests that pricing your home accurately will be crucial.

In Summary

The single-family home market in Qualicum, BC, continues to attract interest, with stable sales numbers and a rising median sale price year-over-year. While there has been a slight tightening in inventory and an increase in the average days on the market, these are not alarming trends. Whether you are a buyer or a seller, the current market dynamics provide opportunities for both.

When asked about the market local Realtor Chandra Scheffers had this to say, “At this point the market seems to be holding steady. While the market statistics are helpful, it’s important to remind ourselves that we’re dealing with a small market, so monthly statistics can easily get skewed by one very large or small sale.” 

For tailored advice and more in-depth analysis, don't hesitate to contact our team of real estate experts who can help guide you through your property journey in beautiful Qualicum, BC.

Note: All data sourced from national MLS statistics for August 2023. Figures are subject to change.