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The Market Has Shifted

This representation is based on data generated by Vancouver Island Real Estate Board which assumes no responsibility for its accuracy.

Market Conditions Balancing

Housing activity slowed over the third quarter, with the number of single family sales in September down 62% from September 2021 and the inventory up 236% over last year at this time. 357 active listings of single family homes and 49 sales last month, indicate over 7 months of inventory. A balanced market is 4-6 months of inventory, meaning we are now in a buyer’s market.

Different segments of the market are seeing different levels of activity. In the third quarter, sales in the $500,000-$800,000 range were down 20% compared to the first two quarters. However, in sales over $1,000,000 the third quarter was down 64% compared to the first two quarters. The market is more active in the lower, more affordable price ranges.

The following graph shows the 5 year average sale price for single family homes. Although prices have dropped 3.7% year over year, current prices remain higher than we have seen in the past.

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Miller Real Estate

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