May 2024 Market Stats

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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