Island Real Estate Trends and April 2024 Market Outlook

April 2024

Inventory is on the rise, demand is steady and prices are holding firm. The Vancouver Island Real Estate Market is entering the most active 12 weeks of the year. It is expected that 2024 will outperform 2023. Consumer confidence has been improving with some modest reductions in interest rates. I am predicting additional modest rate reductions as we head into the back half of summer. I will be watching inventory levels closely to see if the spring inventory is being met with consistent buyer demand. We should know if inventory is going to increase or decrease by August. This will dictate which way prices are likely to go. 

If you are a homeowner who is curious about your home’s value please reach out by replying to this email and setting up an appointment with me for a Free Property Valuation Report. If you are interested in potentially buying a home in Central Vancouver Island, I am taking appointments for Free Buyer Consultations. These consultations will empower you with the knowledge to make an informed decision as you navigate the local real estate market. 

John Cooper
250.619.9207
john@johncooper.ca 

Stay Ahead: Watch the April 2024 Nanaimo Market Update Now!

Most Recent Market Statistics (March 2024)*

Vancouver Island (not including Victoria) 

291 single family homes sold. Average price: $807,409 (down 1% from 12 months to date, this year over last). Single-family unit sales volume is down 1%. Average days on market increased by 16% to 44 days. The average condo sold for $417,823. Condo unit sales are up 14%, 12 months to date. Condos have seen a 33% increase in days on market. Average days to sell is 48 days. The average row/townhouse sold for $580,981. Row/townhouse unit sales are up 19% 12 months to date. Row/townhouses have seen a 25% increase in days on market. Average days to sell is 45 days. Lot sales volume is up 20%. Lot prices have decreased by 13%, 12 months to date. Average lot sale price: $445,327. FULL REPORT HERE.
 

Nanaimo

88 single-family homes sold. Average price: $840,208 (down 1% 12 months to date, this year over last). Single-family unit sales volume is down 3%. Average days on market has increased by 10% to 38 days. The average condo sold for $441. Condo unit sales are up 9%, 12 months to date. Condos have seen a 31% increase in days on market. Average days to sell is 38 days. The average row/townhouse sold for $578,083 Row/townhouse unit sales are up 36% 12 months to date. Row/townhouses have seen a 21% increase in days on market. Average days to sell is 40 days. Lot sales volume is up by 20%. Lot prices have decreased 23%, 12 months to date. Average lot sale price: $448,816. FULL REPORT HERE. 
 

Parksville/Qualicum 

37 single-family homes sold. Average price: $955,419 (up 1% from 12 months to date, this year over last). Single-family unit sales volume is down 5%. Average days on market increased by 15% to 38 days. The average condo sold for $469,633. Condo unit sales are up 22%, 12 months to date. Condos have seen a 69% increase in days on market. Average days to sell is 44 days. The average row/townhouse sold for $687,065. Row/townhouse unit sales are down 10% 12 months to date. Row/townhouses have seen a 6% increase in days on market. Average days to sell is 33 days. Lot sales volume is up 100%. Lot prices have increased by 7%, 12 months to date. Average lot sale price: $600,116.  FULL REPORT HERE. 
 

Cowichan Valley

59 single-family homes sold. Average price: $794,616 (down 2% from 12 months to date, this year over last). Single-family unit sales volume is up 6%. Average days on market increased by 28% to 46 days. The average condo sold for $333,771. Condo unit sales are up 19%, 12 months to date. Condos have seen a 24% increase in days on market.  Average days to sell is 51 days. The average row/townhouse sold for $569,668. Row/townhouse unit sales are up 42% 12 months to date. Row/townhouses have seen a 61% increase in days on market. Average days to sell is 58 days. Lot sales volume is down 22%. Lot prices have decreased by 23%, 12 months to date. Average lot sale price: $430,821. FULL REPORT HERE. 
 

*waterfront homes are not included in the monthly statistics 

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