Welcome to the monthly real estate statistics newsletter.
The Bank of Canada held its benchmark interest rate again, however, with signs that inflation could be easing there are indications that a rate cut in June is possible.
So far this year our sales are averaging slightly lower than the same period last year but our inventory levels are higher. Although the number of properties for sale is still quite low when you look at the previous 10 years.
The median price for a freehold home in Nanaimo is averaging around $800,000 so far this year and around $940,000 in Parksville/Qualicum, which are both slightly higher than the same period last year. What will happen for the remainder of the year is difficult to predict as it likely will depend on the Bank of Canada June announcement for interest rates. If they do decide to reduce the rate than this could bring buyers off the fence, although it is likely some buyers are already dipping their toes in the market in expectation of an interest rate reduction.
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, townhouses and apartments.)
Median Sold Price - freehold homes:
Median Sold Price - townhouses:
Median Sold Price - apartments:
Sold Numbers - freehold homes:
Sold numbers - townhouses:
Sold numbers - apartments:
Number of new listings - freehold homes:
Number of new listings - townhouses:
Number of new listings - apartments:
The following graphs shows the % difference of the housing price index (HPI) from the same month 6 and 12 months ago. It is split into the different sub-areas (the overall figure for Nanaimo is on the left of the graphs.)
Freehold homes:
Strata apartments/townhouses:
The following graphs are for Nanaimo and show the 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.
Freehold homes:
Townhouses:
Apartments:
The following graph is for Nanaimo and shows the months of inventory. 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.
Freehold homes:
Townhouses:
Apartments:
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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