January 2020

December 2019 ends a relatively flat year for home sales with 402 properties sold, 7.2% up from sale volume in December 2018 and down 30.3% down from the previous month. Compared to December last year, single family homes sales volume rose 13.8% with 198 units being sold; condos rose slightly more with 17.5% and 121 units sold.

This year’s total properties sold came in a little bit under the 10 year average at 7,255 properties sold (the 10 year average being 7,413 sales per year). 2019 total sales were up 1.47% up from 7,413 properties sold in 2018.

There were 1,952 active listings available at the end of December in the Victoria Real Estate Board area, down 1.8% from the end of 2018 and down 18.6% from November 2019.

Supply remains a key

December 2019 saw an increase of 40% sales of single family dwellings (SFD) in Nanaimo, BC, compared to the same month in 2018, 237 sales this year compared to 169 sales last year. As expected, sales in December decreased from 312 sales in November (24%). Sales volume of condos was 68% higher December 2019 compared to the same month the previous year!

Although the sales volume for the last month of 2019 was higher than 2018, the total sales volume for the year was 9% lower with 4,119 sales compared to 4,539 sales in 2018.

Listings active and available on the market decreased 19% from November to 937 listings at the end of 2019, very close to the 934 listings that were active at the end of 2018. The inventory of condos at the end of 2019 increased by