Vancouver Island Real Estate Market Stats: August 2023
As the final days of summer grace Vancouver Island, it's time to reflect on the state of the island's real estate market. August 2023 brought forth an interesting mix of trends and insights that define the overall real estate landscape of this stunning region. Let's delve into the data to gain a comprehensive understanding of Vancouver Island's property market.
Unit Sales |
Average Sale Price |
| Aug-23 | Jul-23 | Aug-22 | % Change | Aug-23 | Jul-23 | Aug-22 | % Change | |
| Campbell River | 44 | 51 | 28 | 57.14 % | $ 693,925 | $ 736,630 | $ 698,071 | - 0.59 % |
| Comox Valley | 42 | 61 | 56 | - 25.00 % | $ 878,585 | $ 825,075 | $ 877,285 | 0.15 % |
| Cowichan Valley | 63 | 85 | 57 | 10.53 % | $ 801,089 | $ 783,135 | $ 773,434 | 3.58 % |
| Nanaimo | 83 | 112 | 71 | 16.90 % | $ 861,502 | $ 834,365 | $ 875,920 | - 1.65 % |
| Parksville/Qualicum | 57 | 49 | 51 | 11.76 % | $ 901,938 | $ 1,032,860 | $ 899,337 | 0.29 % |
| Port Alberni/West Coast | 21 | 29 | 25 | - 16.00 % | $ 487,990 | $ 625,635 | $ 720,980 | - 32.32 % |
| Vancouver Island | 324 | 408 | 304 | 6.58 % | $ 795,630 | $ 804,867 | $ 814,647 | - 2.33 % |
As the final days of summer grace Vancouver Island, it's time to reflect on the state of the island's real estate market. August 2023 brought forth an interesting mix of trends and insights that define the overall real estate landscape of this stunning region. Let's delve into the data to gain a comprehensive understanding of Vancouver Island's property market.
A Steady Market
In August 2023, Vancouver Island recorded a total of 324 single-family detached homes sold. While this figure represents a slight decrease from the previous month (July 2023), it's crucial to view it in the context of the broader market trends. When compared to August 2022, the number of homes sold saw a significant increase of 6.58%. This indicates the continued strength and appeal of Vancouver Island's real estate market.
- Homes Sold (Aug 2023): 324
- Change from Aug 2022: 6.58%
Price Trends
The average home price on Vancouver Island for August 2023 stood at $795,630. While this reflects a minor decline from the previous month, it's a typical pattern as the summer season comes to an end. However, when we examine the year-over-year data, we see a 2.33% decrease in average home prices from August 2022. This indicates a stable and balanced market.
- Average Price (Aug 2023): $795,630
- Change from Aug 2022: -2.33%
A Diverse Island
Vancouver Island offers a diverse range of communities and landscapes, each with its unique character and appeal. From the rugged beauty of Campbell River to the cultural richness of Comox Valley, and the serene charm of Cowichan Valley to the bustling city life of Nanaimo, the island has something to offer everyone.
Conclusion
August 2023 reaffirms Vancouver Island's position as an attractive and resilient real estate market. With a year-over-year increase in home sales and stable pricing, the island continues to be a sought-after destination for homebuyers and investors alike.
As we transition into the autumn months, Vancouver Island's real estate market is poised for further growth and development. Whether you're looking for a beachfront property, a family-friendly neighborhood, or a quiet retreat, Vancouver Island offers a diverse range of opportunities.
If you have any questions or are considering buying or selling property on Vancouver Island, our expert real estate group is here to provide guidance and support. We are dedicated to helping you navigate the dynamic and ever-changing world of Vancouver Island real estate.
Note: All statistics are sourced from national MLS data for August 2023 and are subject to change.
Post a Comment