The number of active listings in Nanaimo is still lower than February 2019 but we have seen slightly more homes listed. The number sold is still lower than February 2019 but is only by 6% so the gap is not as large as we saw last month.
Price wise the average for Nanaimo is still high, although very slightly lower than last month, as we continue to be approximately 10% higher than the same month last year.
Currently due to the corona virus there is obviously a lot going on with stock markets, oil prices, travel restrictions etc and we have already seen the Bank of Canada reduce interest rates and there is the prospect of more rate drops this year. It is very difficult to predict what is going to happen this year as the situation is changing almost daily with regards to the virus but I thought the following links may be useful:
Know the Facts About COVID-19 from Public Health Agency of Canada
Frequently Asked Questions about COVID-19
Real Estate Statistics for February 2020
| February 2020 | January 2020 | February 2019 | ||
| Nanaimo | ||||
| Unit Sales: | 66 | 43 | 70 | |
| Average Sale Price: | $600,648 | $603,720 | $544,971 | |
| Parksville / Qualicum | ||||
| Unit Sales: | 42 | 34 | 28 | |
| Average Sale Price: | $662,330 | $637,968 | $605,158 | |
Nanaimo home sales decreased 6% in February 2020 when compared with February 2019. The average sale price increased 10%. The median house price was $585,000.
Parksville/Qualicum home sales increased 50% in February 2020 when compared with February 2019. The average sale price increased 9%. The median house price was $690,000.
Synopsis for Nanaimo
In Nanaimo for February 2020 there were 243 active listings of single family freehold homes, which is 5% lower then February 2019.
The graphs below are for Nanaimo and show the average sold numbers and average sold price since 2016 (single family homes only.)
The following graph shows the % difference of the housing price index (HPI) from the same month 12 months ago. It is split into the different sub-areas and is for single family homes.
The following graph shows what is called the absorption rate. This is the time it would take the current 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
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