Nanaimo Real Estate Market Report: August 2019
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NANAIMO – August Brings The End of Summer and Full Market Adjustment.
Sales of single-family homes in Nanaimo went down significantly compared to July 2019, decreasing by 17%. Even more of a noticeable change is the decrease of single-family homes sold in Nanaimo compared to August 2018 which went down by 25%. The average sale price of single-family homes also decreased from August 2018 from $566,795 to $549,622. However, it’s important to note the benchmark price for a home in Nanaimo still continues to be higher than in 2018 at $560,200.
Many local REALTORS® continue to report many signs of an adjusting housing market as buyers continue to be held back by the B-20 stress test and sellers are needing to curb their expectations from the now gone booming market of 2016 and 2017. Trend-wise the market is shifting towards a balanced market and signalling in many areas to a buyers’ market. It’s important to recognize that well priced homes are continuing to sell fast and often with multiple bids.
In a transition time it’s very key, whether you’re buying or selling, to chat with a REALTOR® so you can avoid the confusion of the transitioning market and make the most appropriate decisions.
