Sales of single-family homes in August were seven per cent higher than in July but dipped by 14 per cent from August 2017.
Last month, 467 single-family homes sold on the MLS® System compared to 438 in July and 540 one year ago. The number of apartments changing hands last month dropped by 13 per cent while townhouse sales increased by 16 per cent.
Inventory of single-family homes in August was down slightly from one year ago (1,342 compared to 1,352), dropping five per cent from July but still significantly higher than the 749 properties available in January. The supply of apartments and townhouses dipped 14 per cent and 10 per cent from one year ago, respectively.
VIREB’s long-term sellers’ market does appear to be moving towards more balanced conditions. The benchmark price of a single-family home for the overall board area posted its first significant drop this year, with modest price reductions also occurring in Campbell River, Duncan, and Parksville-Qualicum Beach.
The benchmark price of a single-family home board-wide was $505,800 in August, a 12 per cent increase from one year ago but down from June’s $510,300 and July’s $510,700. In the apartment category, the benchmark price climbed to $317,700, up 20 per cent from one year ago. The benchmark price of a townhouse hit $413,600 last month, up 15 per cent over August 2017.