By Caitlin Lundgren

NREMR: July 2022

Nanaimo Real Estate Market Report: July 2022

Aug 8, 2022 | 1:34 PM

NANAIMO – A significant increase in inventory is giving buyers more options.

In July, 297 single-family homes sold, a 34 per cent decrease from one year ago and down 27 per cent from June.

Active listings of single-family homes rose by 142 per cent from the previous year and 15 per cent from the previous month.

The average sale price of single-family residential units in Nanaimo continues to decline. July saw an average sale price of $878,302, only a slight decrease from the previous month, but 10 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 July 2022, as well as central and northern Vancouver Island:

• Nanaimo’s benchmark price increased to $883,400, up 19 per cent from last year.
• Campbell River’s benchmark price for single-family homes was $755,800, a 19 per cent increase from the previous year but down from last month.
• Comox Valley’s benchmark price increased by 19 per cent from last year to $914,100.
• Cowichan Valley reported a benchmark price of $879,300, an increase of 22 per cent compared to July 2021 but down from last month.
• The Parksville-Qualicum area increased 18 per cent from the last year to $982,000.
• Port Alberni’s benchmark rose to $611,800, a 23 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