Vancouver Island Real Estate Stats - February 2020
At The Fenton Team we believe it is important to provide both investors, and homeowners, useful information about the Vancouver Island real estate markets. This information should serve as a key pillar in any real estate decision making process, whether it be buying or selling.
Using data provided by the Vancouver Island Real Estate Board we have broken down what we believe to be key metrics for good real estate decision making on Vancouver Island. We have separated the information into the communities of Port Alberni, Ucluelet, Tofino, Parksville/Qualicum, Courtenay, Campbell River, Nanaimo, and Duncan . The statistics below are for single family homes only, and cover the month of February 2019 and 2020.
We believe that Median Sale Price best represents the value of a typical house (rather than Average Sale Price). The average days on the market tells us how quickly homes are typically selling if priced correctly. The Sale : List Price ratio tells us how closely homes are selling to their asking price. Finally, comparing the number of homes listed, and the number of homes sold, gives us a picture of supply and demand, which is critical in understanding where the market is at, and where it might be going.
The statistics are provided below and key interpretations are provided below. If you would like any further interpretation from The Fenton Team’s CEO Chris Fenton on any given statistic, please comment below and he’ll be more than happy to help.
Port Alberni: In February of this year we saw a much stronger real estate market then in February of 2019. New listings and homes sold are both up. There was 33 new single family homes listed and 21 single family homes sold in February 2020. Median Sale price of single family homes is up 18.7% this past month compared to February 2019. Single family homes are selling 2.7% closer to the asking price but sat for sale in the real estate market for 21 days longer this year.
Ucluelet: In Ucluelet we only had 2 new single family homes listed and 1 completed sale. In February 2019 there was also only one home sold however it is very interesting to compare the sale to list price ratios. In February 2020 the home that sold, sold for 6.5% closer to the asking price. It's sale price was also 31.85% higher then the home that sold in February 2019. With such little data we cannot necessarily compare apples to apples in this situation as there are several factors that could contribute to such a large difference in sale price.
Tofino: There were 2 new listings in February of 2020 in Tofino. Other then that the market was very slow with zero single family homes sold. February 2019 was the same in Tofino. Let's up the spring means a more robust real estate market for Tofino and the West Coast.
Parksville/Qualicum: The market in Parksville and Qualicum saw a strong increase of 21 new single family home listing in February 2020 compared to 2019. The biggest increase was in homes sold in the area. We can see a jump from 17 homes sold in February 2019 compared to 41 here in 2020. The sale to list price ratio dropped .7% in 2020 compared to 2019.
Courtenay: Courtenay's market seems to be remaining strong and very similar to February 2019. Sale to list price ratio is down .5% and the median sale price is down 4.8%. It is looking like the Courtenay Market is beginning to slow down. We can see homes are sitting on the market for 17 days longer compared to 2019.
Campbell River: The Campbell River market continues to gain momentum. We can see there was 68 new listings in February 202, compared to 47 in 2019 and single family homes sold was 40 in 2020 compared to 41 in 2019. Average days on market was very similar with only a 8 day difference and median sale price was up $14,000.
Nanaimo: Nanaimo's real estate market is remaining strong and stable in 2020 compared to February 2019. We can see almost all the statistics remained very similar with only some slight increases in 2020 compared to 2019, such as increases in homes listed and sold and a increase in median sale price of 6.18%
Duncan: Duncan's Real estate market is following similar trends of Nanaimo and Campbell River. The biggest statistics to notice is the average list price and average sale price have both dropped in 2020 compared to February of 2019. However the sale to list price ratio has remained the same. This means that homes are being listed at slightly lower prices but buyers are still paying the same percentage to the asking price. At 98.7% this is the highest Sale to list price ratio of the communities we have outlined in this Vancouver Island Stats Report.
Port Alberni Stats
|Median Sale Price||$363,000||$295,000|
|Average List Price||$386,428||$345,626|
|Average Sale Price||$376,767||$327,660|
|Sale : List Price||97.5%||94.8%|
|Average Days on Market||60||39|
|Median Sale Price||$675,000||$460,000|
|Average List Price||$685,000||$499,000|
|Average Sale Price||$675,000||$460,000|
|Sale : List Price||98.5%||92.2%|
|Average Days on Market||2||99|
|Median Sale Price||$0||$0|
|Average List Price||$0||$0|
|Average Sale Price||$0||$0|
|Sale : List Price||0%||0%|
|Average Days on Market||0||0|
|Median Sale Price||$580,000||$499,000|
|Average List Price||$637,678||$580,470|
|Average Sale Price||$621,551||$570,135|
|Sale : List Price||97.5%||98.2%|
|Average Days on Market||
|Median Sale Price||$567,500||$595,000|
|Average List Price||$633,214||$631,207|
|Average Sale Price||$619,823||$621,334|
|Sale : List Price||97.9%||98.4%|
|Average Days on Market||69||52|
Campbell River Stats
|Median Sale Price||$464,000||$450,000|
|Average List Price||$494,089||$514,687|
|Average Sale Price||$484,773||$504,254|
|Sale : List Price||98.1%||98%|
|Average Days on Market||50||42|
|Median Sale Price||$550,000||$516,000|
|Average List Price||$598,103||$574,348|
|Average Sale Price||$588,393||$565,232|
|Sale : List Price||98.4%||98.4%|
|Average Days on Market||34||30|
|Median Sale Price||$525,000||$513,700|
|Average List Price||$507,005||$584,169|
|Average Sale Price||$500,410||$576,687|
|Sale : List Price||98.7%||98.7%|
|Average Days on Market||28||54|
*The MLS stats are provided by the Vancouver Island Real Estate Board and include all single family homes sold on the MLS market in Port Alberni, Ucluelet, Tofino, Parksville Qualicum Courtenay, Nanaimo and Duncan.