Nanaimo Real Estate Market Report: July 2019
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NANAIMO – July brings steady housing sales.
Sales of single-family homes in Nanaimo stayed steady compared to June 2019, just 3 homes short , and exactly on par with July 2018 with 112 units sold. The average sale price of single-family homes decreased from June 2018 from $580,330 to $554,240.
While housing sales are reported to be holding steady and even brisk at times, it’s certainly less robust than what the market was in 2016, 2017 and parts of 2018. The weaker house demand has contributed to an increase in active residential listings, not just in Nanaimo but across Vancouver Island and the province. In the Vancouver Island Real Estate Board, the inventory of single-family homes went up by 9% from one year ago and apartment active listings rose by 30 percent from 2018. However, townhouse inventory decreased by 10%, probably due to more affordability for home buyers which has been stifled by the Mortgage Test.
Prices in the Nanaimo area are still slightly rising but softening compared to previous years during the long-running sellers’ market. The trend is changing towards a more balanced market and there are more signs of sellers realizing this and pricing their homes smartly in order to close quickly. It’s important to keep in mind that the home assessments may cause some confusion among homeowners. The value reflected on the assessment reflects trends that are months behind the current market value, which is often lower.
