By Caitlin Lundgren

NREMR: May 2022

Nanaimo Real Estate Market Report: May 2022

Jun 6, 2022 | 12:39 PM

NANAIMO – Lighter demand and more inventory leads to market shift.

In May, 455 single-family homes sold. A 14 per cent decrease from one year ago and down 10 per cent from April.

Inventory on Vancouver Island is climbing, but housing supply is still below the level necessary to satisfy current demand.

Nanaimo continues to see a decrease in average sale price. May saw an average sale price of $895,765. A 4 per cent decrease from the previous month, but 26 per cent higher than last year.

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 May 2022, as well as central and northern Vancouver Island:

• Nanaimo’s benchmark price increased to $901,400, up 25 per cent from last year.
• Campbell River’s benchmark price for single-family homes was $776,200, a 25 per cent increase from the previous year.
• Comox Valley’s benchmark price increased by 23 per cent from last year to $910,900.
• Cowichan Valley reported a benchmark price of $886,300, an increase of 30 per cent compared to May 2021.
• The Parksville-Qualicum area increased 26 per cent from the last year to $1,002,700.
• Port Alberni’s benchmark rose to $617,400, a 35 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