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Sales of apartments, patio homes and townhouse are down by between 59% and 86% when compared with April 2019 and the number of units listed is down by between 38% and 73%
Single family home sales are down by 47% and the number of homes listed during April is down by exactly the same amount – 47%. Also, the total number of houses that were for sale during the month is down by 19% when compared with April of last year.
With regards to the average house price, this is just slightly higher than April 2019 but is similar to the average we saw in March.
So, what does that mean for the market. If we do start to see more properties being listed, but the number of sales continues to trend down, that is when we can see the market shift to favour the buyer over the seller as the simple principles of supply and demand start to take over. However, if we see the same changes as we have seen with the single family homes whereby the % change for sales matches the % change for number of home listed then it is likely we will see the market stay fairly balanced.
It is still very hard to predict where the market will be in 3, 6 or even 12 months time although we know the Canadian economy, like most other countries has taken a real hit and the effect of this pandemic will be felt globally for quite a while to come.
Real Estate Statistics for April 2020
Nanaimo home sales decreased 47% in April 2020 when compared with April 2019. The average sale price decreased 1%. The median house price was $568,000.
Parksville/Qualicum home sales decreased 69% in April 2020 when compared with April 2019. The average sale price increased 5%. The median house price was $699,900.
Synopsis for Nanaimo
In Nanaimo for April 2020 there were 272 active listings of single family freehold homes, which is 19% lower then April 2019 and 47% 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 graph shows the % difference of the housing price index (HPI) from the same month 12 months ago. It is split into the different sub-areas 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.