Sales around the province have surged back to pre-COVID-19 levels in June. These may be temporary as pent up demand could be a factor helping push this demand forward. I am continually watching and monitoring to see if prevailing trends will remain.
We have seen listing activity normalize with sales, the active listings are down around 20 per cent year-over-year and, we may see some markets with upward pressure on prices if this continues.
Growth of provincial GDP is a key indicator of economic activity, but provincial GDP data is only available annually and with a considerable delay. A better tool for tracking monthly growth in the BC Economy is the Nowcast which compiles monthly economic data into one easy to understand number, expressed as the year-over-year growth in the BC economy. It however has a one or two-month lag.
In Nanaimo the COVID-19 effect on VIREB’s housing market seemingly wore off in June, with sales rebounding from May and posting year-over-year increases in most markets.
Last month, 479 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 246 in May 2020 and 406 one year ago. Sales of apartments increased by three per cent year over year but were 59 per cent higher than in May. Townhouse sales rose by three per cent year over year and were up by 118 per cent from May 2020.
Inventory of single-family homes last month dipped by 23 per cent year over year (1,598 to 1,224). Active listings of apartments rose by 22 per cent (353 to 431) year over year, while townhouse inventory dipped by three per cent (189 to 183).
The benchmark price of a single-family home board-wide was $534,800 in June, an increase of four per cent from the previous year and one per cent higher than in May.
In Campbell River, the benchmark price of a single-family home last month was $449,200, an increase of three per cent over last year.
Nanaimo’s benchmark price rose by three per cent to $576,000 in June.
Here is the local snapshot of Nanaimo market.
Some other interesting demographics for searches in Nanaimo.
If you are wanting a more detailed look at the market or my predictions on the upcoming trends send me an email or stop by for a coffee and I will discuss my market predictions for the next 6 months.
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