Photo courtesy of the Cooper McLintock listing archives
In the month of June, 475 properties were sold in the Vancouver Island Real Estate Board area, and 95 (20%) of those properties sold for over the list price. Properties from Nanaimo to Campbell River, Parksville, Qualicum Beach, and Cowichan have sold for $20,000+ over asking.
The highest over-asking sales were seen in North Nanaimo, where two properties tied for the highest over list price sales in the month of June: 6181 Raphael Drive & 5211 Laguna Way, both selling for $50,000 over asking. The properties were on the market for just 0 and 2 days, respectively.
Properties that have been on market for longer periods of time are selling for over list as well. 533 Marisa Street in South Nanaimo sold for $30,000 over list price after sitting on the market for 80 days, and 5412 Metral Drive sold for $42,000 over list after 78 days on market.
Million dollar listings aren't immune to the trend either, with 5508 & 5510 Hiquebran Road, an estate property featuring two homes in North Nanaimo, selling for $38,888 over the $1,200,000 asking price. 1534 Madrona Drive in Nanoose fetched the title of 'most expensive home' sold in June, entertaining a full price offer of $1,688,000.
The most expensive single family home currently listed in the VIREB area is 875 Brabant Place in Tofino. We mentioned it in our article, The 6 Most Expensive Properties Currently Listed on Vancouver Island, back in January of this year. The property has now been on the market for 1244 days (almost 4 years) @ $7.9 million dollars.
There was also a private island sold in June: North Trail Island, located across from Sechelt, had been sitting on market for just over 500 days. This little piece of paradise was finally sold for $1.58 million ($302,000 less than asking price.) We can't award North Trail Island with the title of most days on market before a sale though. That one gets bestowed upon 7550 Glacier East Crescent in Port Hardy, listed for just shy of two and a half years (874 days) before selling for $9,000 under list price.
It's still a hot market out there for sellers, so if you're interested in getting a free market evaluation, just let us know. Our exceptional team will be happy to help you get the highest possible sale price for your home.