By Caitlin Lundgren

Nanaimo Real Estate Market Report: Mar

Nanaimo Real Estate Market Report: March 2021

Apr 7, 2021 | 10:47 AM

NANAIMO – Increase in inventory offers no relief for buyers.

In March, 567 single-family detached properties sold, an increase of 67 per cent from the previous year.

Low inventory continues to cloud sales and frustrate buyers. There are not enough listings to satisfy the demand.

The average sale price for Nanaimo single-family homes was $749,259 which is slightly higher than February 2021 but 29 per cent higher than February 2020.

In a competitive market, it is key to obtain the advice of a REALTOR®, especially in a multiple-offer environment.

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These are the benchmark numbers for Nanaimo in February 2021, as well as central and northern Vancouver Island:

• Nanaimo’s benchmark price increased to $645,600, up 16 per cent from the previous year.
• Campbell River’s benchmark price for single-family homes was $564,000, which is an increase of $20,000 from last month and a 19 per cent increase from the previous year.
• Comox Valley’s benchmark price increased by 17 per cent from last year to $656,400.
• Duncan reported a benchmark price of $578,500 which is a slight increase of 4 per cent compared to March 2020. The lowest increase on central and northern Vancouver Island.
• The Parksville-Qualicum area increased almost 12 per cent from the last year to $714,500.
• Port Alberni’s benchmark rose to $407,200, a 17 per cent increase from last year.

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