Nanaimo is seeing a change as the inventory levels increase so we are finally seeing more single family homes for sale then the same month last year. Parksville/Qualicum still does not have enough inventory and has approximately 30% fewer homes for sale then last year.
Median prices are still approximately 20% higher in Nanaimo but if inventory levels do continue to rise there is a good chance we should start to see prices level off, especially when you factor in the mortgage interest rate rises, the increased cost of living and buyer fatigue from dealing with this real estate market. Although we are still seeing multiple offers it does not seem as frenetic as previously as it is now not uncommon for sellers to receive fewer offers and sometimes no multiple offers. Parksville/Qualicum is more difficult to predict while we continue to see a shortage of homes for sale.
Real Estate Statistics
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
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