MONTHLY STATISTICS UPDATE FOR JUNE 2024
Posted by Team Biberger on
JUNE 2024 MARKET UPDATE
NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales boardwide (all property types) on the MLS® System in June 2024. In the single-family category (excluding acreage and waterfront), 359 homes sold in June, down 15 per cent from one year ago and 12 per cent from May. Sales of condo apartments last month came in at 82, decreasing by 24 per cent year over year and by 11 per cent from May. In the row/townhouse category, 91 units changed hands in June, down eight per cent from one year ago and 16 per cent from May.
Active listings of single-family homes were 1,566 in June, an increase from the 1,105 posted one year ago. VIREB’s inventory of condo apartments was 440 last month, up from 319 in June 2023. There were 364 row/townhouses for sale last month compared to 274 the previous year.
Jason Yochim, VIREB Chief Executive Officer, says the market is behaving differently than during a typical summer, and the expected boost from the recent interest rate cut hasn’t materialized.
“Buyers and sellers seem to be holding back and waiting for some sort of indication that it’s a good time to make a move,” says Yochim. “REALTORS® are conducting open houses and showings, but it’s decidedly more sluggish than we usually see at this time of year.”
Yochim notes that well-priced, high-quality properties continue to garner multiple offers, but REALTORS® are seeing more offers significantly below the asking price.
“Inventory has risen considerably, and it’s been five years since active listings in the VIREB area were at this level, so buyers have more choice and more time to wait,” adds Yochim. “The same holds true for sellers, so there seems to be a waiting game going on.”
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 JUNE 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.