The local housing market finished 2014 on a high note, capping off a year which saw consistent monthly gains in sales and average home prices and setting the stage for a favourable market in 2015 for both buyers and sellers.
Our local housing market in 2014 was positively influenced by an increase in consumer confidence combined with continued low interest rates, lower inventory (number of listings) and a strong economic outlook for British Columbia. Sales volume for single family homes in our region saw a 10% increase over 2013 representing 4,335 individual sales. The average sales price was $345,108, up five per cent from 2013’s average sale price of $329,144.
Here are some specific performance results by property type for Zone 5, incorporating Qualicum Beach, Qualicum North, Bowser and Deep Bay, French Creek, Parksville, Nanoose, Errington and Coombs;
Single family homes (excluding waterfront and acreages) – a total of 692 sales out of 1163 listings representing a 60% sales ratio compared to 52% the year before. Sales were up in volume by 14%, the value of total sales was up 20% and the average price increased by 5% to $397,566.The average sale price compared to listing price for homes in this category was 95%, and days to sale were 60 compared to 66 the year before for just under a 10% decline in the wait time to sell.
Condominiums – 205 condos were listed in 2014, down 7% from the year prior. There were 66 units sold for a sales ratio of 32% and the average price was $203,466 or 8% less than in 2013. The average selling price compared to asking price was 92% and condos took on average 88 days to sell, up 7% from the year before.
Patio Homes – 198 patio homes were listed in 2014 and of these, 60% or 119 sold in an average of 73 days which was 15% less time than in 2014. Average price was $303,527, up 8% from the year before. The sales ratio was 60%, the total value of sales was up 26% and the selling price was an average of 97% of asking price.
Lots – 41% of lots listed sold in 2014 for an average price of $159,545 of 1% less than in 2013. The sales to listing ratio was 95%, steady from the year before and total volume in sales dollars was up 11%. These units sold on average in 67 days or 6% longer than in 2013.
For local areas within Oceanside, the following summarizes the number and average price for single family home sales in 2014;
29 units sold in Bowser for an average price of $344, 157
25 units sold in Qualicum North for an average price of $354,892
167 units sold in Qualicum Beach for an average price of $443,968
110 units sold in French Creek for an average price of $382,619
237 units sold in Parksville for an average price of $343,901
2 units sold in LQRV for an average price of 275,750
25 units sold in Errington/Coombs/Hilliers for an average price of $346,816
63 units sold in Nanoose for an average price of $413,177
34 units sold in Fairwinds for an average price of $684,581
A total of 55 waterfront properties sold in 2014 in this area at an average price of $694,795
The Vancouver Island Real Estate Board (VIREB) provides monthly statistics which help consumers determine an appropriate market value for their homes based on comparable sales figures. Market value is defined as “the amount for which something can be sold on a given market”. It is important to remember that market value is often different than other values attributed to a property (appraised, assessed, replacement, insurance). Understanding the pushes and pulls influencing the temperature of the local market is therefore an important factor in evaluating your property’s worth, and often requires the difficult task of balancing personal (emotional) perception with the realities of what buyers will pay.