Island Real Estate Trends and February 2024 Market Outlook

February 2024

It’s February and love is in the air! I love this month as it marks the beginning of the 2024 real estate season. February is a formative month for the critical spring real estate season. March, April, May & June are typically the highest trading volume months in the year so, for me, February is time to load test the systems and get engaged for the important months ahead. To that end, we have already seen an increase in listing activity and showing activity and this is expected to continue for the foreseeable future. If you have a real estate decision you are considering, now is the time to reach out, while we have time on our side. I am happy to talk to you about it. No sales pressure. No tactics. Just helpful guidance to move you forward. Reach out to me personally anytime and for any reason. 

John Cooper
250.619.9207
john@johncooper.ca 

 

February 2024 Nanaimo Market Update

To watch the February 2024 Market Update, click the video window below!

Most Recent Market Statistics (January 2024)*

 

Vancouver Island (not including Victoria) 

152 single family homes sold. Average price: $798,474 (down 5% from 12 months to date, this year over last). Single-family unit sales volume is down 7%. Average days on market increased by 50% to 45 days. The average condo sold for $410,998. Condo unit sales are down 2%, 12 months to date. Condos have seen a 66% increase in days on market. Average days to sell is 48 days. The average row/townhouse sold for $575,515. Row/townhouse unit sales are up 7% 12 months to date. Row/townhouses have seen a 45% increase in days on market. Average days to sell is 45 days. Lot sales volume is down 20%. Lot prices have increased by 3%, 12 months to date. Average lot sale price: $633,036. FULL REPORT HERE.

Nanaimo

40 single family homes sold. Average price: $829,064 (down 6% 12 months to date, this year over last). Single family unit sales volume is down 10%. Average days on market has increased by 40% to 35 days. The average condo sold for $442,171. Condo unit sales are down 7%, 12 months to date. Condos have seen a 52% increase in days on market. Average days to sell is 38 days. The average row/townhouse sold for $571,825 Row/townhouse unit sales are up 6% 12 months to date. Row/townhouses have seen a 36% increase in days on market. Average days to sell is 38 days. Lot sales volume is down by 25%. Lot prices have decreased by 39%, 12 months to date. Average lot sale price: $446,019. FULL REPORT HERE. 

Parksville/Qualicum 

28 single family homes sold. Average price: $934,165 (down 4% from 12 months to date, this year over last). Single-family unit sales volume is down 10%. Average days on market increased by 42% to 37 days. The average condo sold for $452,952. Condo unit sales are down 5%, 12 months to date. Condos have seen a 147% increase in days on market. Average days to sell is 42 days. The average row/townhouse sold for $676,397. Row/townhouse unit sales are down 6% 12 months to date. Row/townhouses have seen a 38% increase in days on market. Average days to sell is 33 days. Lot sales volume is down 20%. Lot prices have increased by 3%, 12 months to date. Average lot sale price: $633,036. FULL REPORT HERE. 

Cowichan Valley

23 single family homes sold. Average price: $791,086 (down 5% from 12 months to date, this year over last). Single-family unit sales volume is down 5%. Average days on market increased by 62% to 47 days. The average condo sold for $332,849. Condo unit sales are down 8%, 12 months to date. Condos have seen a 56% increase in days on market.  Average days to sell is 50 days. The average row/townhouse sold for $565,019. Row/townhouse unit sales are up 6% 12 months to date. Row/townhouses have seen an 93% increase in days on market. Average days to sell is 56 days. Lot sales volume is down 3%. Lot prices have decreased by 31%, 12 months to date. Average lot sale price: $407,496. FULL REPORT HERE. 

*waterfront homes are not included in the monthly statistics