The real estate market in the Vancouver Island Real Estate Board (VIREB) area has shown notable activity and growth in March 2024 across various property types. This surge in activity reflects dynamic trends in the housing market, with significant shifts in sales volumes and average prices for single-family homes, condo apartments, and townhouses.

Understanding these market dynamics is crucial for both buyers and sellers to make informed decisions in navigating the current real estate landscape. In this overview, we delve into the key highlights of the March 2024 real estate market in Nanaimo, examining the trends in sales volumes and average prices for different property types. By analyzing these insights, stakeholders can gain a deeper understanding of the evolving real estate market conditions and make strategic choices aligned with their goals.

Single Family Detached

Single-family home sales exhibited contrasting trends in March 2024. While there was a notable decrease of 11.11% compared to the previous year, there was a significant increase of 33.33% from February 2024, leading to a total of 88 units sold. In terms of pricing, the average price for single-family homes stood at $847,984. This reflects a year-on-year growth of 10.78% and a marginal 0.95% increase compared to February 2024. These fluctuations in both sales volume and average prices underscore the dynamic nature of the real estate market, impacting both buyers and sellers alike.

Condo/Apartment

In March 2024, the condominium apartment market witnessed a significant uptick in sales, reflecting a notable year-over-year increase of 33.33% and a robust month-over-month rise of 55.56%, resulting in a total of 28 units sold. However, despite the increase in sales volume, the average selling price for condos experienced a decline. The average price stood at $430,000, indicating a year-on-year decrease of 10.94% and a 3.01% decrease compared to February 2024.

Row/Townhouse

In March 2024, the row/townhouse market experienced a remarkable surge in sales, demonstrating a 41.18% increase from the previous year and a significant 71.43% increase from February. This surge resulted in 24 units changing hands, indicating robust activity within this segment of the real estate market. Additionally, the average selling price for townhouses stood at $577,854, reflecting a year-on-year growth of 13.40% and a 4.15% increase compared to February 2024.

Jason Yochim, VIREB Chief Executive Officer, notes a high level of interest among potential buyers, despite statistics not reflecting increased realtor activity. He anticipates a delay until June before sales figures align with pent-up demand. Yochim highlights buyers' anticipation of Bank of Canada interest rate decisions.

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.