We are now three and a half months into 2019 and the spring real estate market has clearly arrived! Across Vancouver Island we are witnessing a change in markets, moving from the frenetic Seller’s Market of years passed, to a much more Balanced Market. Let’s take a look at the real estate stats for single family homes (excluding waterfront) in both Ucluelet and Tofino.
Ucluelet Market Statistics
|Median Sale Price||$645,000||$510,000|
|Average Sale Price||$603,357||$471,850|
|Sale : List Price||93.0%||84.6%|
|Average Days on Market||114||36|
Statistically, these numbers tell a mixed story. This may very well be because the statistical sample size is very small. Both New Listings and Sales are down slightly year-to-date 2019, when compared to the previous year. We’re seeing this across the island as markets correct. The average days on the market is significantly longer, meaning homes are taking longer to sell, which is to be expected in this Balanced Market. Where things for Ucluelet deviate from the rest of the island, is in the fact that homes are continuing to sell for more money, and sell closer to their asking price. This may simply be a statistical anomaly, or it may be the result that the housing crises affecting the island, is even more drastic in Ucluelet.
Tofino Market Statistics
|Median Sale Price||$1,250,000||$940,500|
|Average Sale Price||$1,250,000||$940,500|
|Sale : List Price||89.3%||98.1%|
|Average Days on Market||93||11|
Meanwhile in Tofino, the year-to-date real estate statistics are, for the most part, following the expected path. The number of New Listings is down slightly. Homes appear to be taking longer to sell and the gap between list price and sale price is growing. However a huge caveat here is that the statistical sample size is tiny – we’re talking 5 total sales between January 1 and April 15 over the past two years combined. The result is that while the stats are interesting, it’s far too early to draw any meaning conclusion from them.
2019 is shaping up to be a very healthy year in real estate! If you have any questions about the real estate market please leave me a comment and I'll do my best to give you a good answer. ~Chris Fenton
*Year-to-Date is January 1 to April 15. The MLS stats are provided by the Vancouver Island Real Estate Board and include all single family homes sold on the MLS market in Ucluelet or Tofino (excluding waterfront homes).