MONTHLY STATISTICS UPDATE FOR JULY 2023
Posted by Team Biberger on
JULY MARKET UPDATE
NANAIMO, BC – Last month, there were 414 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 41 per cent increase from one year ago (294) and down by two per cent from June 2023 (424). Sales of condo apartments in July came in at 98, increasing by 31 per cent year over year but down 12 per cent from the previous month. In the row/townhouse category, 86 units changed hands in July, up 69 per cent from one year ago and down 15 per cent from June.
Active listings of single-family homes were 1,092 in July, down from 1,387 one year ago. VIREB’s inventory of condo apartments was 312 last month, down from 336 listings in July 2022. There were 262 row/townhouses for sale last month compared to 267 one year ago.
“We’re busier this summer than is typical despite rising interest rates,” says Kelly O’Dwyer, 2023 Chair. “After a rate increase is posted, clients tend to pull back and sit for a bit, but then the desire to buy takes precedence. Consumers tend to be resilient and are determined to find a way to make things work.”
O’Dwyer notes that while multiple offers are still happening, they tend to be on well-priced properties.
“Some sellers of higher-end properties are sitting on a preconceived price they’re expecting to get based on last year’s numbers,” adds O’Dwyer. “They’re not recognizing that market conditions have changed, at least for now.”
Regardless of market conditions, connecting with a local REALTOR® can help smooth the way to a successful real estate transaction. They have specialized knowledge of their communities and will help you develop a winning strategy for buying or selling a home
For more information and full update, check out the following resources on REALTOR Link®.
Our JULY 2023 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.