Real Estate Market Report for January 2021

Posted on February 20, 2021 by Ian Hodson

Welcome to the monthly real estate market report newsletter for January 2021.

As we move into 2021 we are still seeing a shortage of homes for sale which is resulting in buyers competing with each other. Looking back at the previous 10 years the past two months have seen the lowest number of active single family freehold homes for sale in both the Nanaimo and Parksville/Qualicum areas. We should see the numbers increase as we move into Spring, which may relieve some of the pressure. However, we are still hearing from homeowners that they want to list but cannot find anywhere to buy so are holding off listing their home and that some are not listing yet until the Covid pandemic is more under control. This combined with our population numbers increasing (Nanaimo is now at 100,000) and our historically low interest rates mean it may still be a while yet before the market starts to balance out.
 
Real Estate Statistics for August 2020





Synopsis for Nanaimo
 
The graphs below show the median sold price, sold numbers and number of new listings since the beginning of each year (freehold homes only.)

Median Sold Price:


 

 

Sold Numbers:


 

 

Number of new listings:


 

 

 

The following graphs shows the % difference of the housing price index (HPI) from the same month 12 months ago. It is split into the different sub-areas (the overall figure for Nanaimo is on the left of the graph) and is for single family homes.


 

 

 

The following graphs are for Nanaimo and show the sales numbers against new listings and sales numbers against total active listings. This is helpful to show how the market is doing as the closer the 2 lines come together on each graph generally indicates a busy active market.




 

 

The following graph is for Nanaimo and shows the months of inventory. This is the time it would take the current freehold, single family homes for sale, to sell, if no new homes were listed, which indicates whether we have a sellers, balanced or buyers’ market.


 
 
These figures do concentrate on single family homes but if you would like similar information for other property types, such as apartments or patio homes, or specific geographical areas of Nanaimo or Parksville/Qualicum, then I would be more than happy to discuss those with you as well.
 
As always I hope you find these monthly newsletters informative and if at any time you or any of your friends, relatives or co-workers are looking for a professional realtor to help them buy or sell a home, or just have a real estate question, please call my personal cell, 250-739-1228, or drop me an email.
 
Thank you,
Ian