By Maria Doty

Nanaimo Real Estate Market Report: Oct

Nanaimo Real Estate Market Report: October 2020

Nov 6, 2020 | 3:10 PM

NANAIMO – Nanaimo real estate continues to soar through COVID-19.

One of the things we are starting to see is a decrease in inventory which should lead to a decrease in sales, however, this is not a sign of a weakening market. It’s still tough to predict any type of pattern but the demand in the Nanaimo area continues to be high and there are not enough homes to satisfy it.

In Nanaimo, there was a slight decrease of 1.3% on total unit home sales compared to September 2020 however sales increased by 55% compared to October 2019. The average sale price for Nanaimo single family homes was $558,100 which is 0.8% higher than September 2020 and 0.2% lower than October 2019.

One of the big short-trends we have seen is demand including buyers who are advancing their retirement plans and downsizing their homes in order to reduce their debt load. As it has been for the last couple months, properly pricing your home is often leading to multiple offers and listings being snapped up quickly, especially in homes between $500,000 and $700,000.

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

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• Nanaimo’s benchmark price went slightly down to $558,100 in October 2020.
• Campbell River’s benchmark price for single-family homes in October 2020 was $468,300, which is up 5% from October 2019.
• Comox Valley’s benchmark price in October 2020 was $534,300, slightly higher than 2019.
• Duncan is reporting a benchmark price of $498,400, that is 3% higher than October 2019.
• The Parksville-Qualicum area saw its benchmark price increase 6% to $619,600.
• Port Alberni’s benchmark reached $339,900 in October 2020, a 2% increase from October 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