INFOGRAPHICS: October 2019 VIREB Vancouver Island Market Reports

And in a flash, 2019 is almost over. Meanwhile, it’s time for our monthly market updates for areas covered by the Vancouver Island Real Estate Board (VIREB)!

As noted in their most recent monthly market report, sales of single-family homes in October dropped by 11% from 2018 and were virtually the same as in September. Apartment and townhouse sales dipped by 9% and 22%, respectively.

Last month, 343 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 345 the previous month and 384 in October2018. In the apartment category, 88 units sold last month, while 42 townhouses changed hands. Inventory of single-family homes in October rose by 14% from one year ago (1,173 to 1,333). Active listings of apartments increased by 16% (322 to 373) year over year while townhouse inventory dropped by 21% (167 to 132).

Trend-wise, VIREB’s housing market is balanced in most areas, with home sales and listing activity at typical levels for the region. Buyers are negotiating competitively and are willing to walk away and wait, so smart pricing is a must for sellers.

VIREB president Kaye Broens notes,

“This is a more comfortable market for people on both sides of the real estate transaction, but correctly pricing your home is the key to a quick sale and may even result in multiple offers. Overpriced properties tend to linger, and that risk increases in a balanced market.”

The following data is a comparison between October 2018 and October 2019 numbers, and is current as of November 2019. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Click on the images for a larger view!

(Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we’ve added an area on the sheet where you can attach your business card! 🙂 )