As we dive into another exciting month of May, it's time to unveil the latest trends and market insights shaping the dynamic real estate market of Nanaimo.

The latest statistical data released by Vancouver Island Real Estate Board (VIREB) showed positive signs of steady growth and increased activity:

In April 2024, Nanaimo's Single-family home sales showed an increase of 16% compared to the previous year and increased by 23.9 % from Match 2024, resulting in 109 units sold.

Condo apartment sales also experienced growth, with a year-over-year increase of 34.8% and a month-over-month rise of 10.7%, totaling 31 units sold.

Similarly, row/townhouse sales surged, marking a 31.6% increase from the previous year and a 4.2% increase from Match, with 25 units changing hands.

In April 2024, the average sales price of the three types of housing in Nanaimo is as follows:

• Single Family: $825,278 with a year-on-year growth of 1% and a 2.7% decrease compared to March 2024.

• Condo: $452,452 with a year-on-year increase of 2.1% and a 5.2% increase compared to March 2024.

• Townhouse: $587,832 with a year-on-year growth of 7% and a 1.7% increase compared to March 2024.

Jason Yochim, Vancouver Island Real Estate Board Chief Executive Officer, notes listings have witnessed a significant surge, bringing forth positive news. Furthermore, sellers are proactively adapting to the dynamic market conditions by implementing price adjustments.

According to Yochim, more inventory means more choices for buyers, while sellers also benefit from having alternative housing options. It's a win-win for everyone.

For guidance on optimal timing for buying and selling, or more information about the newest Nanaimo real estate market updates, feel free to reach out to us.