Although median sold prices for freehold houses are down for 2023, when compared to 2022, they are not significantly lower and are still trending higher than 2021 and earlier. However, sales are down and when looking at the previous 10 years, 2023 had the lowest number of sales of freehold homes. When we look at the number of houses for sale the numbers are similar to 2020-2021 but are quite a bit lower than between 2014 and 2019 when we consistently saw more houses for sale.
So although sales are down we do still have a low inventory of houses for sale, which is probably why prices have not dropped more than some people were anticipating with the increase in mortgage interest rates. As we move into 2024 the general consensus is that interest rates will not go up but that we should start to see them coming down, hopefully by the middle of the year.
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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