By Maria Doty

Nanaimo Real Estate Market Report: May

Nanaimo Real Estate Market Report: May 2020

Jun 8, 2020 | 11:37 AM

NANAIMO – Higher May sales indicate a recovering Nanaimo real estate market.

After COVID-19 significantly impacted the real estate market in Nanaimo in April, May’s numbers seem to indicate a market in recovery.

In Nanaimo, there was an increase of 27% on single-family home sales compared to April 2020. Big difference as well in condo sales (apartments, townhouses and patio homes) which went up by 141% compared to the previous month. While this is encouraging considering the dip in April, it is still a big difference compared to 2019 with single-family home sales being down by 49% compared to May 2019.

Since British Columbia is now in the second phase of its Restart plan, it’s anticipated that pent-up demand and the low interest rates can translate into a recovery in home sales as well as prices.

Here are some of the benchmark numbers for Nanaimo and the Central and Northern Vancouver Island:

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• Nanaimo’s benchmark price went up by 3% to $575,300 in May 2020.
• Campbell River’s benchmark price for single-family homes in April 2020 was $449,900, which is 5% higher than May 2019.
• Comox Valley’s benchmark price in May 2020 was $532,000, 2% higher than 2019.
• Duncan is reporting a benchmark price of $482,100, that’s 3% higher than May 2019.
• The Parksville-Qualicum area saw its benchmark price increase 1% to $594,800.
• Port Alberni’s benchmark reached $331,200 in May 2020, a 6% increase from May 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