Island Real Estate Trends and July 2024 Market Outlook
July 2024
It has been a busy spring market, however, statistically sales are down from 2023 and inventory is rising. Prices are holding steady and that is expected to continue unless we continue to see inventory rise. Summer in Vancouver Island typically sees new listing inventory slow down. I did an absorption rate analysis for Single Family homes in Nanaimo with at least 3 bedrooms and 2 bathrooms priced between $600,000 and $1,200,000. There are currently 271 active listings that fit that description. 262 have sold in the last 6 months which equates to 43 sales per month. This means we have 6.3 months of inventory. This is at the very top of balanced markets, touching ever so slightly into a buyers market. I will be watching this closely and will report on it in our upcoming weekly and monthly reports.
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
July 2024 Nanaimo Market Update
Vancouver Island (not including Victoria)
359 single-family homes sold. Average price: $815,424 (up 3% from 12 months to date, this year over last). Single-family unit sales volume is down 3%. Average days on market decreased by 4% to 43 days. The average condo sold for $414,239. Condo unit sales are up 13%, 12 months to date. Condos have seen an increase by 11% in days on market. Average days to sell is 49 days. The average row/townhouse sold for $585,742. Row/townhouse unit sales are up 18%, 12 months to date. Row/townhouses have seen an increase by 7% in days on market. Average days to sell is 48 days. Lot sales volume is up 7%. Lot prices have increased by 5%, 12 months to date. Average lot sale price: $451,321. FULL REPORT HERE.
Nanaimo
103 single-family homes sold. Average price: $841,330 (up 3% from 12 months to date, this year over last). Single-family unit sales volume is up 4%. Average days on market decreased by 5% to 35 days. The average condo sold for $431,907. Condo unit sales are up 18%, 12 months to date. Condos have seen an increase by 14% in days on market. Average days to sell is 41 days. The average row/townhouse sold for $580,586. Row/townhouse unit sales are up 33%, 12 months to date. Row/townhouses have seen an increase by 8% in days on market. Average days to sell is 42 days. Lot sales volume is up 19%. Lot prices have decreased by 3%, 12 months to date. Average lot sale price: $484,253. FULL REPORT HERE.
Parksville/Qualicum
57 single-family homes sold. Average price: $974,164 (up 6% from 12 months to date, this year over last). Single-family unit sales volume is down 5%. Average days on market decreased by 3% to 37 days. The average condo sold for $465,666. Condo unit sales are up 7%, 12 months to date. Condos have seen an increase by 44% in days on market. Average days to sell is 46 days. The average row/townhouse sold for $669,270. Row/townhouse unit sales are up 2%, 12 months to date. Row/townhouses have seen a decreased by 6% in days on market. Average days to sell is 34 days. Lot sales volume is up 84%. Lot prices have increased by 6%, 12 months to date. Average lot sale price: $594,986. FULL REPORT HERE.
Cowichan Valley
53 single-family homes sold. Average price: $797,479 (up 2% from 12 months to date, this year over last). Single-family unit sales volume is down 5%. Average days on market decreased by 6% to 44 days. The average condo sold for $340,200. Condo unit sales are up 28%, 12 months to date. Condos have seen no change in days on market. Average days to sell is 49 days. The average row/townhouse sold for $577,136. Row/townhouse unit sales are up 10%, 12 months to date. Row/townhouses have seen an increase by 26% in days on market. Average days to sell is 62 days. Lot sales volume is up 1%. Lot prices have increased by 5%, 12 months to date. Average lot sale price: $426,603. FULL REPORT HERE.
*waterfront homes are not included in the monthly statistics
Categories
Recent Posts