By Caitlin Lundgren

Nanaimo Real Estate Market Report: Oct

Nanaimo Real Estate Market Report: October 2021

Nov 5, 2021 | 2:08 PM

NANAIMO – Different month, same issues as low inventory continues.

In October, 398 single-family detached properties sold, a 12 per cent decrease from the previous month.

The housing market on Vancouver Island continues to see historically low inventory and rising prices.

The average sale price for Nanaimo single-family homes was $899,108, an 8 per cent increase from the previous month and a 35 per cent higher than October 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 October 2021, as well as central and northern Vancouver Island:

• Nanaimo’s benchmark price increased to $741,900, up 24 per cent from last year.
• Campbell River’s benchmark price for single-family homes was $663,000, which is a 25 per cent increase from the previous year.
• Comox Valley’s benchmark price increased by 27 per cent from last year to $779,000.
• Cowichan Valley reported a benchmark price of $756,900, an increase of 26 per cent compared to October 2020.
• The Parksville-Qualicum area increased 29 per cent from the last year to $887,300.
• Port Alberni’s benchmark rose to $504,000, a 31 per cent increase from last year, the largest increase on the island last month.

The monthly Nanaimo Real Estate report 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