By Maria Doty

Nanaimo Real Estate Report: Sept 2020

Nanaimo Real Estate Market Report: September 2020

Oct 13, 2020 | 4:43 PM

NANAIMO – Nanaimo real estate market stays healthy through global pandemic.

Through COVID-19 many experts didn’t expect to have such a quick and steady return from the effects of this pandemic. There are many factors that are fueling this including pent-up demand, low mortgage rates and continuing supply shortages.

In Nanaimo, there was an increase of 24% on single-family home sales compared to August 2020 and sales increased by 72% compared to September 2019. The average sale price for Nanaimo single family homes was $553,600 which is 4% lower August 2020 and just under 3% lower than September 2019.

Though the market continues to be healthy it is hard to determine any trends. One of the things that seems to be common is buyers advancing retirement plans due to the pandemic, which means downsizing to reduce debt. Properly priced homes are selling quickly and even resulting in multiple offers.

These are the benchmark numbers for Nanaimo and the Central and Northern Vancouver Island:

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• Nanaimo’s benchmark price went down by 3% to $553,600 in September 2020.
• Campbell River’s benchmark price for single-family homes in August 2020 was $454,200, which is slightly higher than September 2019.
• Comox Valley’s benchmark price in September 2020 was $523,500, slightly lower than 2019.
• Duncan is reporting a benchmark price of $489,000, that is 1% higher than September 2019.
• The Parksville-Qualicum area saw its benchmark price increase 3% to $612,800.
• Port Alberni’s benchmark reached $329,500 in September 2020, a 2% increase from September 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