The Vancouver Island real estate market has kicked off 2025 with impressive momentum, according to the latest market analysis from The Shanon Kelley Realty Group. December 2024 data reveals significant growth across multiple property segments, painting a picture of a robust and dynamic market.
Market Performance Highlights:
- Total unit sales across all categories increased by 33% compared to December 2023, with 443 units sold
- Single-family detached homes (excluding acreage and waterfront) saw a remarkable surge, with 227 sales compared to 149 in December 2023
- Condo apartment sales showed steady growth, increasing from 38 to 44 units
- The benchmark price for single-family homes reached $776,500, marking a 3% increase from December 2023
Active listing By Property Type: December 2024 Compare to December 2023
- Single-family detached: 829 active listings (up 4%)
- Condo apartments: 271 active listings (up 5%)
- Row/townhouses: 195 active listings (down 20%)
So far this year, inventory has remained low, which is typical in January. It can be an excellent time to sell as buyer demand is still good and those who really need to purchase are eagerly watching the new listings daily. So far this year, in Nanaimo, Parksville/Qualicum and Duncan, there have been 69 sales at the lowest of $140,000 for a mobile home in Nanaimo to $2,500,000 for a 12+ acre parcel in Lantzville. A robust spring is highly anticipated with a proposed increase in prices of up to 6% but the current political upheaval on both sides of the border have consumers remaining cautious. There is still awesome opportunity here on the island to get far greater bang for your buck as opposed to the mainland so please do call us for any realty related conversations, we are here for you and looking forward to seeing how the new year unfolds for us all!
In the Community
Island Roots Farmer’s Market
Island Roots is Nanaimo’s Only Year-Round Farmers’ Market operating every Wednesday from 3:00pm-6:00pm in Beban Park. The 2024 Winter Market runs inside the Centennial Building from October 2nd, 2024 until May 7th, 2025. The 2025 Summer Market will begin on May 14th, 2025 in the field beside Frank Crane Arena. For more information, check out their event page here.
Thank you to everyone who attended our “Elf” Movie Client Event!
On behalf of the entire team at The Shanon Kelley Realty Group, we would like to extend our heartfelt thanks to those who joined us at our Annual Elf Movie Event, as well as our excellent event sponsors! Your presence truly made the event special, and we are so grateful for the time you spent with us.
It was a pleasure to celebrate the festive season together, sharing a fun movie experience and creating lasting memories. We hope that you enjoyed the event as much as we did and that it provided a moment of joy and relaxation during this busy time of year.
We deeply value your continued partnership and support, and we look forward to further opportunities to collaborate in the coming year. Your participation in our event was a meaningful part of what made this celebration unforgettable.
Thank you again for being a part of our holiday gathering. Wishing you a wonderful start to the New Year, filled with happiness, success, and good health.
In Real Time: A Personal Update
As we embrace 2025, our team is returning refreshed and energized from the holiday season. Our recent California adventure took us through Long Beach, where we explored the historic Queen Mary and enjoyed some family fun at local attractions. Venice Beach certainly left quite an impression on us!
Back in the office, we’re excited about the opportunities ahead. Next week, we’re heading to Scottsdale for an industry conference to bring back fresh insights and strategies for our valued clients.
As we continue growing, we’d love to connect with you! Follow us on Facebook and Instagram for exclusive content and special offers. (Here’s a hint: mention “Jerry McGuire” in your message to us for a special surprise that could significantly benefit your real estate journey!)
Whether you’re considering buying, selling, or just want to discuss the market, we’re here to help make your real estate dreams a reality in 2025.
With warmest regards, Shanon, Jamie, Justin, and Tabitha