In June of 2023 the Nanaimo real estate market was very similar to one year ago in the majority of categories. From last June to July, the Bank of Canada rate increases caused a dramatic decline in the amount of transactions in a monthly period. With less transactions happening we were thrown from a Seller’s to a Buyer’s market abruptly which caused decreases to the average home price, longer days on market and multiple offers became rarer. This continued through to the end of the year, and from the start of 2023 the Nanaimo real estate market has been making leaps towards a recovery.
Tag: market report
May 2023 Market Update
As one of the leading real estate teams on Vancouver Island, we are committed to keeping our clients informed about the latest trends and statistics in the local market. In this article, we present an overview of Nanaimo, then a cross-section of the Vancouver Island Real Estate Board (VIREB) area’s performance, then a broader look at the Canadian Real Estate market touching on consumer confidence, interest rates and sales across Canada.
June 2023 Market Update
While July 2022 marked the start of declining real estate prices and transactions, the Nanaimo real estate market has been steadily recovering month over month, meaning all sectors of the Nanaimo real estate market have seen shorter days on market, sale prices closer (and sometimes over) the list price, and an increase to the average price comparing May to April of 2023. The month of May 2023 witnessed promising indicators that the market is getting back to where it was before the decline.
April 2023 Nanaimo Market Update
The Nanaimo real estate market saw a month over month decrease of 4.8% to the average single family home price from $793,790 to $763,134. While average price month over month can sometimes be an indicator of market direction, this statistic is limited not only by the inventory on that market during a period of time, but also by the transactions conducted during that same period. If the majority of homes sold in a period are at a higher price than the previous average looking only at the average price would indicate that home prices are on the rise even if comparable homes sold at a higher price in a different period where there were more lower priced transactions. In other words, the average house price is a very narrow field of view in looking at the direction the market is heading. While average price is important to understand, other market indicators paint a clearer, more reliable market forecast. Here are the factors that we believe are going to play the biggest part in guiding the Nanaimo real estate market.
2023 Q1 Vancouver Island Market Intelligence Report
From my perspective, Early 2023 reminds me of 2019 when it became more challenging to qualify for a mortgage. Everyone was wondering if the market would pick up in the spring, and I must say that this year feels similar.
March 2023 Market Update
The average single family home price in Nanaimo held steady from January to February. February saw more buyers return to the market. While this resulted in a 30% increase in transactions compared to January, this is still a decrease of 40% from February of last year. The number of homes listed in February decreased by 9% month over month and 37% from February 2022. In this month’s market stats update we will look at what these changes in supply and demand could mean for the Nanaimo real estate market as we head towards the spring market.
January 2023 Nanaimo Market Update
December marked the end of another year in the Nanaimo real estate market. Nanaimo is starting the new year with an increase in the amount of sales from November to December. This increase in sales also comes with an increase to the average home price.
2020 Real Estate Market – Recap
The year that felt like a decade is behind us and February 2020 seems as though it were a lifetime ago. The image of “Persistence of Memory” by Salvador Dali seems fitting. A scientific theory for why time occasionally feels like it decelerates is that time perception is driven by the number of memories formed in a given period and memories are created by experiences that are often new and surprising. This is perhaps why the monotony of driving to work for 20 years passes without you noticing, yet for my kids, summers at the lake seem to pass in a flash because there are an endless collection of new experiences and activities.
October 2022 Market Report
Canadian home sales and prices have reached a new high, as overall market conditions continue to trend upwards as they did in July and August.
STRONG POST-COVID RECOVERY CONTINUES
Home sales recorded over Canadian MLS® Systems increased 6.2% in August 2020, raising them to another new all-time monthly record. It has been a strong summer as buyers play catch up following the loss of so much of the 2020 spring market, it really does seem that the spring market shifted into the summer.
August 2020 Market Update
Much like the stock market we are seeing a rebound in sales in the Canadian and local Real Estate sector. In our local market I can almost measure the loss of sales from February to May against the increase in June and July reflecting the short-term demand shock from the housing market shutting down.
June 2020 Market Report
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.
