April 2023 Real Estate Market Stats
Buyers taking a measured approach in Spring Market
Last month, there were 391 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 22 percent decrease from one year ago (500) and a three percent increase from March 2023 (381). Sales of condo apartments in April came in at 77, declining by 31 percent year over year and increasing by 17 percent from the previous month. In the row/townhouse category, 88 units changed hands in April, down six percent from one year ago and up by 14 percent from March.
Active listings of single-family homes were 956 in April, up from 731 one year ago. VIREB’s inventory of condo apartments hit 304 last month, up from 174 listings in April 2022. There were 246 row/townhouses for sale last month compared to 150 one year ago.
“We’re seeing a lot of positivity among buyers, but they’re taking a more thoughtful approach this spring compared to last year, when the fear of missing out contributed to a frenetic market,” says Kelly O’Dywer, 2023 Chair.
She notes that a “perfect storm” of factors last year – including record-low supply, historically low mortgage rates, and lifestyle changes resulting from the COVID-19 pandemic – fuelled dramatic price increases and highly competitive real estate transactions.
“It isn’t a balanced market yet, largely because inventory is still lower than what’s needed on Vancouver Island,” says O’Dwyer. “But prices are down board-wide from last year, so homes are definitely more affordable this spring.”
Not the same market as last year
O’Dwyer says that sellers must recognize their home isn’t going to fetch the same amount of money that it would have last year but cautions buyers not to expect large price decreases. If demand continues at the current pace or escalates, there will be upward pressure on home prices. From March to April, single-family homes, condo apartments, and row/townhouses posted modest price increases in several zones
Nanaimo Real Estate Market Stats for April 2023
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Market Stats Original Source: VIREB