By Maria Doty

Nanaimo Real Estate Report: January 2020

Nanaimo Real Estate Market Report: January 2020

Feb 24, 2020 | 11:21 AM

NANAIMO – Lack of supply Dampens Nanaimo Sales.

January 2020 sales of single-family homes in Nanaimo dipped by 21% compared to January 2019 and also saw a decrease of 36% compared to December 2019. However, the average sale price of single-family home still went up from January 2019 by $58,273 and also increased from December 2019 by $32,201. The average sale price for Nanaimo single-family homes in January 2020 was $603,720.

As a trend we are starting to see inventory getting tight, mainly due to weaker sales. However there are still reports of interest among buyers, but with the Guideline B-20(mortgage test) and smaller inventory in desirable price ranges, some buyers are getting pushed aside.

Some key benchmark to keep in mind in Nanaimo as well as the Central and Northern Vancouver Island:

• Nanaimo’s benchmark price went up by 4% to $562,700 in January 2020.
• Campbell River’s benchmark price for single-family homes in January 2020 was $437,300, which is 4% higher than January 2019.
• Comox Valley’s benchmark price in January 2020 was $521,900, also 4% higher than 2019.
• Duncan is reporting a benchmark price of $478,000, 3% higher than January 2019.
• The Parksville-Qualicum area saw its benchmark price drop by a small margin to $571,400.
• Port Alberni’s benchmark reached $328,900 in January 2020, a 10% increase from January 2019.

niche amenities

Trio of community park projects advancing in Nanaimo

1h ago

final farewell

Family, friends and fans to gather at memorial for former B.C. premier John Horgan

2h ago

holiday vibes

Grizzlies spoil Clippers' teddy bear toss night

9h ago

This is the monthly Nanaimo Real Estate report which analyzes the Vancouver Island Real Estate market north of the Malahat and more precisely, the Nanaimo and greater area. The information included here does not reflect the actual value of any particular property. You can find out what your home is worth by contacting a RE/MAX of Nanaimo’s agents here.

Looking for listings? Start browsing Nanaimo’s Real Estate listings here

Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/nanaimo-real-estate-market-report