By Caitlin Lundgren

NREMR: February 2022

Nanaimo Real Estate Market Report: February 2022

Mar 7, 2022 | 10:24 AM

NANAIMO – Little relief for buyers from additional inventory.

In February, 360 single-family homes sold. A 13 per cent decrease from one year ago, but up by 64 per cent from January.

While February brought additional inventory to the market, listings are still far lower than where they need to be to satisfy demand.

The average sale price for Nanaimo single-family homes reached a historic high at $944,950, a 6 per cent decrease from the previous month, but a 23 per cent higher than February 2021.

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 2022, as well as central and northern Vancouver Island:

• Nanaimo’s benchmark price increased to $852,800, up 32 per cent from last year.
• Campbell River’s benchmark price for single-family homes was $699,900, a 24 per cent increase from the previous year.
• Comox Valley’s benchmark price increased by 26 per cent from last year to $820,600.
• Cowichan Valley reported a benchmark price of $804,300, an increase of 26 per cent compared to February 2021.
• The Parksville-Qualicum area increased 33 per cent from the last year to $962,200.
• Port Alberni’s benchmark rose to $569,800, a 42 per cent increase from last year, the largest increase on the island.

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