By Maria Doty

Nanaimo Real Estate Market Report: March

Nanaimo Real Estate Market Report: March 2020

Apr 7, 2020 | 10:05 AM

NANAIMO – New times during COVID-19 but REALTORS® are stepping up to the plate.

It’s hard to figure out how the COVID-19 outbreak will impact the economy in the long term. In British Columbia, like in many other parts of the country, we’re seeing a sudden stop in economic activity with little idea of a timeline to when things might return.

Based on an analysis by BCREA’s on the British Columbia’s home sales and prices are likely to decline in the spring and early part of the summer but should be recovering along with the bigger part of the economy towards the second half of 2020, all depending on the outbreak resolving.

March 2020 sales of single-family homes in Nanaimo went up by 36% compared to February 2020 and a slight decrease of 4% compared to March 2019. The average sale price of single-family home went slightly down from February 2020 by $8,386 but increased from March 2019 by $47,557. The average sale price for Nanaimo single-family homes in March 2020 was $595,262.

Business is certainly not the usual but as Real Estate has been declared an essential service by the provincial government, as long as all licensees comply with health and safety guidelines.

roster shakeup

Nanaimo Clippers lose two major players to Major Junior ranks

12h ago

armed robbery

Knife-wielding man robs south Nanaimo liquor store

20h ago

Shorthanded

Clippers fall short hosting Bulldogs

Dec 14, 2024

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 2% to $564,500 in March 2020.
• Campbell River’s benchmark price for single-family homes in March 2020 was $441,300, which is 5% higher than March 2019.
• Comox Valley’s benchmark price in March 2020 was $516,800, 2% higher than 2019.
• Duncan is reporting a benchmark price of $478,700, 2% higher than March 2019.
• The Parksville-Qualicum area saw its benchmark price increase 4% to $590,700.
• Port Alberni’s benchmark reached $328,300 in March 2020, a 12% increase from March 2019.

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