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Sales of apartments, patio homes and townhouse are down by between 21% and 60% when compared with May 2019 and the number of units listed ranges from +5% to -33%. Apartments have shown an increase in numbers listed which has been driven by the new condo building on Metral Drive hitting the market as this has added approximately 50 or 60 units to the apartment numbers.
Single family home sales are down by 49% and the number of homes listed during May is down by 34%. Also, the total number of houses that were for sale during the month is down by 18% when compared with May of last year.
So, we are seeing a similar drop in the number of sales to last month, but the number of homes being listed is down by 34% whereas last month it was down by 47% and the total number of active listings is down by a similar amount to last month.
With regards to the average house price, these have not changed much but we are starting to see a downward trend as they are approximately 2.5% lower than May of last year and from last month. However, please bear in mind that this number can be skewed when we see more sales in lower or higher price ranges, especially when there are fewer sales.
Nanaimo home sales decreased 49% in May 2020 when compared with May 2019. The average sale price decreased 2.5%. The median house price was $565,000.
Parksville/Qualicum home sales decreased 59% in May 2020 when compared with May 2019. The average sale price increased 18%. The median house price was $695,000.
Synopsis for Nanaimo
In Nanaimo for May 2020 there were 311 active listings of single family freehold homes, which is 18% lower then May 2019 and 34% fewer properties were listed during the month.
The graphs below are for Nanaimo and show the average sold numbers and average sold price since 2016 (single family homes only.)
The following graphs shows the % difference of the housing price index (HPI) from the same month 12, 3 and 1 month ago. I have added the data from 3 and 1 month ago to illustrate the changes from just before and during Covid-19. 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 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.
The following graph shows how the homes sold v homes listed v total number of active listings have changed over the previous years.
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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