Real Estate Blog

March Real Estate Update - Stats and COVID-19 Report

By now we are all aware of the severity of COVID-19 and most of the details surrounding it so we won't get too far into that but what we do find people are still asking us is what this all means for the Real Estate market here in Nanaimo. During our last RLP video conference meeting one of our speakers said something that resonated with me. When asked about the future of the market when we get back to work he simply said "I am not going to try and predict the future because people smarter than I am, are going to get it wrong". Now the reason that stuck with me is that no matter how much experience you have in this industry, no one has ever gone through this before or seen what is on the other side. 

What I do want to look at is some information and stats about what has happened over the past month and let you make your own decisions. 
  • Our Royal LePage Website has gotten over 90,000 impressions in the past month. To me, that means people are still looking and preparing for when they might be able to buy/sell.
  • We (as well as our colleagues) have a large group of clients on both the buying and selling side that are ready to go as soon as it is safe to do so. 
  • Our internal showing request system released some numbers on showing requests within the Vancouver Island Real Estate Board, for the first 14 days in March there were 7,682 showing request sent. For the last 16 days in March there were 2,951 which is a 62% drop. 
  • In March 2019 there were 18,396 Showing Requests, in March 2020 there were 10,633.
 We have had some clients reach out about potentially listing or going to look at properties to purchase over the past week and I would like to share our thoughts on that as well:

While Real Estate has been deemed an essential service, we are taking the responsibility of the word "essential" very seriously. We are asking all current clients to ask themselves:

Is it absolutely necessary to view homes or list your home during the next two weeks?

If it is essential that you make a move quickly and the next two weeks are crucial, we WILL be there for you to help make this happen, however IF you can wait we are recommending you do. 

We want you to know that we greatly value you and your business and look forward to when we can get back to seeing your faces again! 

We would like to make a few personal notes:
  • If you or your family members require anything in the Nanaimo area such as groceries, prescriptions or any other supplies delivered please don't hesitate to reach out. We truly believe in supporting our communities in any way we can during this time.
  • Milner Group is putting on a great community support initiative, they are offering 2 yards or premium soil for FREE on Saturday, April 11th at their location on Biggs Rd. This is a great chance to get your garden started!
  • If you would like to talk about your options for mortgage payment deferrals or need some assistance with applying please feel free to call us and we will assist you in any way we can. 
  • We would like to sincerely thank all those who are still out on the frontlines working to ensure our communities are cared for and have everything we need to comfortably get through this pandemic!  

For those of you who want to see what the Stats look like, I have included our regular Stat report. This is the first month that will have affected numbers since the first half of the month was business as usual but the last half of the month was effected by COVID-19.

Total Unit Sales
  • There were 148 total units sold this March in the Nanaimo area, which is down only 7% from this time last year.
  • There were 914 active listings this March, compared with 862 this period last year.
  • There were 364 new properties listed in March this year which is an 18% decrease from the 445 listed last March.
  • The average days to sell is sitting at 39 days, which is up from the 37 days we were at last March.
*Note, these totals include ALL Real Estate divisions including IC&I*
 
Single Family Homes
  • The average sale price of a Single Family home in March has gone up 9%, its currently sitting at $592,262
  • March saw 288 active Single Family Home listings while this time last year had 313.
  • Average days to sell this March was 29 days, which down from the 34 days we were sitting at last March. 
  • There were 90 sales reported for March this year in this category. 
 
Apartment Style Condos
  • Condo prices are up 17% this month, with the average sale price for March 2020 sitting at $341,923. 
  • March of this year saw 146 active condo listings which is up substantially from the 77 we had this time last year. 
  • Days on market is sitting at 58 days for March of 2020 which is up substantially from the 29 days average for last March.  
  • There were 13 reported sales for March of this year in this category.
 
Vacant Lots
  • The average sale price of a vacant lot is down 15% from this time last year. It’s currently sitting at $253,455.
  • This time last year there were 108 active lot listings, there is slightly less choice this year with that number sitting at 97.
  • The average days to sell a Lot for this time last year was 72 days. This March that number has gone way up to 144 days.
  • There were 11 reported sales for March of this year in this category.
 
Average Sale Info by Neighbourhoods
  • The highest average sale price was $731,500 in the Upper Lantzville area
  • The lowest average sale price is $432,312 in the Central Nanaimo area.
  • North Nanaimo saw the most sales again, in March with 15 sales.
  • There were 2 neighborhoods ( Extension, and Brechin Hill) that did not have any reported sales for March 2020.
As always, if you want to know what this means for you or there is something we can help you out with please call us at any time! We always love to hear from you!

We wish you and your family, health and happiness during this time.

Stay safe!
NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.