Vancouver Island Real Estate Market Update

January 27, 2017 Market Conditions

Welcome to what is the first of our regular ongoing articles about real estate in our community. The purpose of our articles is to provide you with the most up-to-date information here in Oceanside. As you are aware, real estate is constantly changing, as are the market conditions and regulations. Hopefully, our articles will provide insight into what is influencing our market as well as trends we are seeing. We hope we will be able to answer some of those nagging questions you may have regarding real estate. We hear repeatedly that buying a home is possibly one of the biggest financial decisions we will make in our lifetime. Our goal is to provide you with the information that will help you make sound and well thought out decisions. At THE NICKLEN GROUP, we are deeply committed to providing our clients with the most up to date information and advice throughout the buying and selling process. We will be pleased to provide you with specific information pertaining to your area. Hopefully, our bi-weekly articles will be helpful. As a group, we have 70 years’ experience in real estate and we are excited to share our knowledge with you. The past year was one of the best years on record, with low inventory and high demand, creating near record sales volume. In our area, sale prices saw a significant increase in 2016 with the average sale price of a single-family home reaching close to $500,000, up almost 20% from 2015. Inventory levels dropped to historic lows in 2015, down over 35% from the previous year. This resulted in a competitive buying market where we frequently heard the term: ‘multiple offers’! While it was common to hear about multiple offers in cities like Vancouver and Toronto, it also became the norm in Oceanside. Today, inventory continues to remain low, and as a result, we are expecting another exciting year in Oceanside and will keep you informed in the upcoming articles. Please feel free to contact us with topics you would like to see covered or with any real estate questions you may have. In our next newsletter, we will discuss the best time to sell your home. The most commonly asked question is: “Should I sell first and then shop for a home, or should I consider writing an offer and then listing my property?” We would be pleased to discuss this with you, and to help establish your path forward. A market evaluation can be a good starting point for this discussion. We look forward to hearing from you.