Island Real Estate Trends and March 2024 Market Outlook

by John Cooper

March 2024

Are you ready for Spring 2024!? Don't let this week's snowfall mislead you, we are stepping into what looks to be a busy spring real estate market. We have seen a big increase in buyer activity compared to this time last year as well as an increase in new listings coming to market. Some asset categories have seen a 25% increase in new inventory compared to February 2023.

If you are looking to start working on a real estate plan, this is a good time of year to get started. One of the biggest mistakes I see is homeowners wanting to get their homes in perfect condition BEFORE they bring me through for a consultation. This is not ideal. Their mindset is that they think I am going to appraise their home higher, but what I most often find is that they have misdirected their resources and wasted valuable time on the wrong improvements. By bringing me in sooner, we can focus our effort on the high-value items and maximize our market timing opportunities. The timing of my evaluation will have no impact on the results of the Property Valuation Report. I conduct the report on the assumption that the items we review together are addressed. If you want to schedule me to provide you with a Property Valuation Report, simply call me or reply to this email and we can set it up. I hope you enjoy this month's market report.

John Cooper
250.619.9207
john@johncooper.ca

March 2024 Nanaimo Market Update

Most Recent Market Statistics (January 2024)*

Vancouver Island (not including Victoria)

254 single family homes sold. Average price: $801,169 (down 4% from 12 months to date, this year over last). Single-family unit sales volume is down 3%. Average days on market increased by 36% to 45 days. The average condo sold for $416,267. Condo unit sales are down 4%, 12 months to date. Condos have seen a 55% increase in days on market. Average days to sell is 48 days. The average row/townhouse sold for $580,513. Row/townhouse unit sales are up 14% 12 months to date. Row/townhouses have seen a 44% increase in days on the market. Average days to sell is 46 days. Lot sales volume is up 5%. Lot prices have decreased by 14%, 12 months to date. Average lot sale price: $454,601. FULL REPORT HERE.

Nanaimo

66 single family homes sold. Average price: $831,957 (down 5% 12 months to date, this year over last). Single family unit sales volume is down 6%. Average days on market has increased by 30% to 35 days. The average condo sold for $445,817. Condo unit sales are up 1%, 12 months to date. Condos have seen a 41% increase in days on market. Average days to sell is 38 days. The average row/townhouse sold for $573,065 Row/townhouse unit sales are up 20% 12 months to date. Row/townhouses have seen a 38% increase in days on market. Average days to sell is 40 days. Lot sales volume is down by 2%. Lot prices have decreased by 25%, 12 months to date. Average lot sale price: $472,518. FULL REPORT HERE.

Parksville/Qualicum

46 single family homes sold. Average price: $941,783 (down 2% from 12 months to date, this year over last). Single-family unit sales volume is down 5%. Average days on market increased by 31% to 38 days. The average condo sold for $457,551. Condo unit sales are down 5%, 12 months to date. Condos have seen a 144% increase in days on market. Average days to sell is 44 days. The average row/townhouse sold for $691,762. Row/townhouse unit sales are down 10% 12 months to date. Row/townhouses have seen a 26% increase in days on market. Average days to sell is 34 days. Lot sales volume is up 5%. Lot prices have increased by 4%, 12 months to date. Average lot sale price: $618,568. FULL REPORT HERE.

Cowichan Valley

51 single family homes sold. Average price: $793,710 (down 4% from 12 months to date, this year over last). Single-family unit sales volume is up 1%. Average days on market increased by 47% to 47 days. The average condo sold for $335,142. Condo unit sales are down 7%, 12 months to date. Condos have seen a 44% increase in days on market. Average days to sell is 52 days. The average row/townhouse sold for $568,342. Row/townhouse unit sales are up 27% 12 months to date. Row/townhouses have seen a 90% increase in days on market. Average days to sell is 57 days. Lot sales volume is down 9%. Lot prices have decreased by 30%, 12 months to date. Average lot sale price: $413,490. FULL REPORT HERE.

*waterfront homes are not included in the monthly statistics

Embrace the Now: Seizing Life's Opportunities with John Cooper

"You don't know what you got til' it's gone."
Life has a way of teaching us hard lessons in making the most of our time. As a real estate advisor, I spend a lot of time with people going through major life moments and the takeaways are clear. We tend to regret the things we DIDN'T do, far more than the things we DID do. Speaking personally I know my biggest regrets are in the moments I was overthinking wherein action was the solution. When contemplating big decisions around your time, I encourage you to err on the side of DOING IT. The universe is trying to show you where your heart wants to go and it is in your best interests to follow your instincts. The best time to take action in alignment with your heart is now. Take the trip, make the move, share the love, prioritize health, and do all the things. The time is now. #growth #accountability #love #kindness #findyourvoice #dontbeacoverband

Mastering the Move: Homeowner Considerations for Buying and Selling

Homeowner considerations when buying and selling your home. Do you buy first? Do you sell first? How do I find a home and reserve it before I sell my home? How do I avoid owning 2 homes at the same time? There are so many moving parts when making a move, and it all starts with getting an accurate picture of what your home is worth. Then you need to determine what financial tools are available to you, followed by a look into your options. Lastly, you need to get an idea as to the specific supply and demand considerations and factor in your risk tolerance. It's a lot! In this video, I attempt to distill the key considerations from our homeowner consultations. These consultations are in-depth and can be booked by reaching out to me directly. There is no charge for the initial consultation and it is a very valuable opportunity to make a thoughtful plan before you get in over your head. #johncooper #realestate #growth #accountability #love #kindness

Embracing Love & Kindness: Our Commitment to You in Real Estate Decision-Making

February is the month to celebrate Love. Love & Kindness - One of our Core Commitments. When we set out to identify the 3 core commitments for John Cooper & Associates, we wanted to find a way to capture how we aim to show up when we meet with our clients. Love and kindness speak to the idea that we treat our clients like family. When we help guide our clients to great real estate decisions, we want to imagine we are advising someone whom we care for like family. As an advisor, it is critical that our guidance not be contaminated with self-interests or greed. We love what we do and we hope that our love for real estate advising is always obvious. We honour the opportunity to assist you in your real estate decision, we are grateful for the opportunity to build a relationship with you and we desire to always demonstrate kindness in our interactions. This is our commitment to Love & Kindness. #johncooper #realestate #love #kindness #accountability #growth