MONTHLY STATISTICS UPDATE FOR APRIL 2024
Posted by Team Biberger on
APRIL 2024 MARKET UPDATE
NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 741 unit sales boardwide (all property types) in April 2024. In the single-family category (excluding acreage and waterfront), 376 homes sold in April, down two per cent from one year ago and up 29 per cent from the previous month. Sales of condo apartments last month came in at 75, dropping by one per cent year over year and down 11 per cent from March. In the row/townhouse category, 83 units changed hands in April, down two per cent from one year ago and up one per cent from March.
Active listings of single-family homes were 1,271 in April, an increase from the 956 posted one year ago. VIREB’s inventory of condo apartments was 381 last month, up from 304 in April 2023. There were 368 row/townhouses for sale last month compared to 246 the previous year.
VIREB Chief Executive Officer Jason Yochim says that the spring market, which typically starts showing signs of life in February, is finally here.
“Sales are up from March, and REALTORS® are showing a lot of homes,” says Yochim. “Listings have also had a healthy boost, which is positive news, and sellers are responding to changing market conditions with price adjustments.”
Yochim adds that Vancouver Island has experienced chronically low inventory for several years, so additional listings benefit buyers and sellers.
“More inventory means more choices for buyers, but sellers also need somewhere to go when their home is purchased,” says Yochim. “Additional listings are a win-win for everyone.”
Regardless of market conditions, connecting with a local REALTOR® can help smooth the way to a successful real estate transaction.
For more information and full update, check out the following resources on REALTOR Link®.
Our APRIL 2024 Market Update is provided above and available on YouTube; it summarizes our housing market in about two minutes.
Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the boardsupplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.