By Maria Doty

Nanaimo Real Estate Market Report: April

Nanaimo Real Estate Market Report: April 2020

Jun 3, 2020 | 11:38 AM

NANAIMO – The reality of COVID-19 impacts the Nanaimo housing market.

The Nanaimo real estate saw single-family home sales drop by 47% compared to April 2019 and Island wide they went down by 54%.

According to the most recent Market Intellignce Report, the BCREA(British Columbia Real Estate Association) predicts the corona virus recession will be profound, however the duration will be shorter than previous downturns.

The average sale price of single-family homes went up from March 2020 by $1,241 and also increased from April 2020 by $6,995. The average sale price for Nanaimo single-family homes in April 2020 was $593,503.

As real estate has been designed as an essential service, business won’t be the usual but REALTORS are all adapting to the new normal and relying on technology to continue working and assisting their clients.

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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 $572,200 in April 2020.
• Campbell River’s benchmark price for single-family homes in April 2020 was $438,500, which is 4% higher than April 2019.
• Comox Valley’s benchmark price in April 2020 was $521,830, 2% higher than 2019.
• Duncan is reporting a benchmark price of $482,800, just higher than April 2019.
• The Parksville-Qualicum area saw its benchmark price increase 2% to $588,800.
• Port Alberni’s benchmark reached $336,200 in April 2020, an 11% increase from April 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