The year is off to an interesting start. What I’m experiencing currently and the concept that I think buyers need to be aware of is URGENCY. This past week we had a total of 3 single family home sales (non-strata) between Qualicum Beach and Fairwinds. 564 Sandlewood Drive in Parksville along with 404 Aldous Road, and 211 6th Ave West in Qualicum Beach. The Qualicum homes both had strong locations and good potential. They sold within hours of being listed for nearly full price. We were fortunate to sell the home on 6th Ave and were one of I believe 9 groups to view the home that first day January 4th, which in my opinion is quite a few active buyers to react that quickly so early in the year and shows some certain demand out there.
Between Qualicum Beach and Fairwinds we currently have 184 listings on the MLS, which is only approx. 3 months supply. In Qualicum Beach we currently have 44 single family listings which is approx. 2.4 months supply. You may have heard the term a balanced market, for any who aren’t quite sure what that is, essentially it is a sales volume of 14-20% of current listings or a 5-7 months supply. Its common for the number of listings to be low this time of year but I’m finding that there continues to be pent up demand. What does this mean? It means buyers and their agents are going to need to be alert and prepared to make decisions when they find the right property, and if things continue this way it could mean upward pressure on price due to limited opportunities.
Stay tuned for next weekends local market update and if you need some advice, have some questions or are thinking of selling give us a call at 250-240-7584 or stop by for a visit at the HOMELAB – 141 4th Ave East downtown Qualicum Beach OPEN Tues-Friday 10-3 or Saturday 1-4.