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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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New property listed in Na Central Nanaimo, Nanaimo

I have listed a new property at 104 1633 Dufferin Cres in Nanaimo. See details here

Welcome to The Fountains! A fantastic location for a condo featuring a park like setting in a relaxing atmosphere near shopping and major amenities. This main floor unit offers over 750 square feet of generous living space with 1 bedroom, 1 bathroom along with oversized windows, in-unit laundry and a walk-out covered patio. The primary bedroom is a very comfortable size with lots of natural light from the large picture window. Walking down the hallway, you will find a very functional kitchen and dining room area that flows into a very generous living room in an open concept layout. Off the living room, you will find you very own private covered patio to enjoy your morning coffee with views of the terraced gardens and access to both the shared BBQ area and Gazebo. This unit also features 1 underground secure parking space along with a storage room. This is a great unit in a wonderful complex that is conveniently located in Central Nanaimo.

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February 2024 Market Stats
 

Spring market is just around the corner and we are starting to see more listings hit the market! February 2024 sales activity was up across all regions. The number of single family homes sold in Parksville/Qualicum, Nanaimo and the Cowichan Valley increased substantially versus February 2023. The number of new listings was also up in all reporting areas for single family homes which is great news for buyers seeking more options. Days on market for single family homes in Parksville/Qualicum was up 23% versus February 2023, Nanaimo saw a reduction of 21% versus February 2023 and the Cowichan Valley was up 3% versus February 2023. 

The average price for single family homes increased across all reporting regions when compared to February 2023. 

The number of condo and townhome units sold was up in all reported regions versus February 2023. The number of new listings was also up in all reporting regions for February.

The average price for condo and townhome units was up in all reporting regions for February. The days on market for condos and townhomes was down for Parksville/Qualicum versus February 2023. The days on market for condos and townhomes in Nanaimo and the Cowichan Valley was up versus February 2023.

The number of vacant land units sold was up substantially for Parksville/Qualicum and Nanaimo versus February 2023 and flat for the Cowichan Valley versus February 2023. The  number of new listings was up in both Parksville/Qualicum and Nanaimo and down for the Cowichan Valley versus February 2023.

What does this all mean? Well February witnessed both an increase in listings and sales in all reporting regions, and it's likely this trend will continue into March and April with the spring market coming into full swing. Stay tuned for more updates each month! 

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New property listed in Na Central Nanaimo, Nanaimo

I have listed a new property at 104 1633 Dufferin Cres in Nanaimo. See details here

Welcome to The Fountains! A fantastic location for a condo featuring a park like setting in a relaxing atmosphere near shopping and major amenities. This main floor unit offers over 750 square feet of generous living space with 1 bedroom, 1 bathroom along with oversized windows, in-unit laundry and a walk-out covered patio. The primary bedroom is a very comfortable size with lots of natural light from the large picture window. Walking down the hallway, you will find a very functional kitchen and dining room area that flows into a very generous living room in an open concept layout. Off the living room, you will find you very own private covered patio to enjoy your morning coffee with views of the terraced gardens and access to both the shared BBQ area and Gazebo. This unit also features 1 underground secure parking space along with a storage room. This is a great unit in a wonderful complex that is conveniently located in Central Nanaimo.

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I have sold a property at 1652 Creekside Dr in Nanaimo

I have sold a property at 1652 Creekside Dr in Nanaimo on Nov 1, 2023. See details here

Fully renovated home in Creekside! This charming 3 bed, 3 bath townhome features 1340sqft of fully updated living space in a peaceful setting, nestled among mature trees & beautiful landscaping. Spread out over 2 storeys, this corner unit was thoughtfully designed with a multitude of windows for plenty of natural light. The main floor has spacious open concept living, dining, foyer areas and a beautifully tiled gas fireplace. The kitchen has been tastefully updated with new appliances, countertops and resurfaced cabinets for a modern feel. An additional eating nook provides space for on the go meals and a 2pc bath complete the main floor. Upstairs you will find a 4-pc main bath and 3 beds, including a spacious primary suite with walk-through closet and ensuite. Beautifully hand scrapped hardwood floors throughout, this home has been lovingly restored and is move-in ready.

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I have sold a property at 3699 Hammond Bay Rd in Nanaimo

I have sold a property at 3699 Hammond Bay Rd in Nanaimo on Oct 3, 2023. See details here

Huge ocean view property "possible ability to have two lots in the future" Grab your towel and head to the beach as it is right across the street. Walking distance to schools, parks, bus routes and more. For the home it offers a full walkout basement "possible suite" Upstairs has three bedrooms and two bathrooms, large family room - dining combo and kitchen with deck over looking the ocean. Double car port that can be enclosed to provide a full size garage. This home is in the best area of Nanaimo Location Location!

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I have sold a property at 110 5240 Dublin Way in Nanaimo

I have sold a property at 110 5240 Dublin Way in Nanaimo on Oct 11, 2023. See details here

Rarely does a unit in Pacific Station come available. This 3 bedroom, 3.5 bath, townhome boasts an excellent design and has a flexible layout of over 1900 square feet total. As you enter on the ground level you will experience a large entry, one bedroom, full 4 pce bath, walk in closet, and walk out covered patio. All of the living space is on the 2nd floor with a living room, kitchen and family room, 1/2 bath and this floor also features two decks; front and back of the unit. The upper floor has two spacious bedrooms, 2 full bathrooms, and laundry up. A bonus is all of the bedrooms feature walk-in closets. This unit was built in 2016 and is part of a 16 unit development. The units all have 1 car fully enclosed garages and an additional parking spot out front. There is close to 400 square feet in patio/ deck spaces combined in the 3 outdoor spaces. Pacific station has an excellent location, close to Nanaimo north, Metral station, Woodgrove, Brannen Lake, Highways and transit.

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