May 2024 Market Stats

Well the month of May was full of surprises and the number of listings increased across all regions.

Let’s now have a look at the activity for May 2024. The number of single family homes sold in Parksville/Qualicum and Nanaimo decreased in May 2024 versus May 2023. The Cowichan Valley saw a decrease 5% in the number of homes sold versus May 2023.

Days on market for single family homes in Parksville/Qualicum was down 26% versus May 2023, Nanaimo saw an increase of 11% versus May 2023 and the Cowichan Valley was down 1% versus May 2023.

The average price for single family homes increased in both Parksville/Qualicum and Nanaimo and it was flat for the Cowichan Valley.

With listings up for single family homes, it was interesting to see the downward trend in the number of homes sold. This is most likely an indicator of buyers waiting to see if the Bank of Canada will reduce interest rates on June 5th as inventory levels are up allowing them more time to make a purchasing decision.

The number of condo and townhome units sold was up 29% for Parksville/Qualicum, Nanaimo saw a reduction of 12% in units sold and the Cowichan Valley had an increase of 32% in units sold versus May 2023. The number of new listings was also up in Parksville/Qualicum, Nanaimo and the Cowichan Valley versus May 2023. As we witnessed in April, with new listings on the rise, the trend has continued for the month of May.

The average price for condo and townhome units was down 21% for Parksville/Qualicum and down 11% for Nanaimo and the Cowichan Valley increased 8% versus May 2023. The days on market for condos and townhomes in Parksville/Qualicum and Nanaimo was up versus May 2023 and down 32% for the Cowichan Valley. An increase in inventory levels in all regions for May 2024 allows for more options for buyers and time to to find the right property with less pressure to purchase immediately.

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April 2024 Market Stats

April Market Stats are here! Spring market has sprung to life in April, the number of new listings has increased across all regions!

How is the spring market shaping up? We saw a significant increase in listings in April along with an increase in the average sale price for Single Family homes. As buyers compete for the same price point, we may continue to see upwards pressure on pricing in future months unless inventory levels rise dramatically in May for homes priced under $1,000,000. The condo and townhome markets are softening in Parksville/Qualicum as inventory rose significantly in April 2024 as more sellers entered the market in advance of the new BC Government rules concerning short term rentals effective May 1st. The condo/townhome market in Nanaimo still remains strong as buyers seek an affordable option to live in an urban setting that offers many amenities including excellent access points to the BC Ferries. Stay tuned for May as the market is changing monthly with changes in legislation, upcoming elections and interest rates all in the mix to create an element of uncertainty.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.