By Caitlin Lundgren

NREMR: October 2022

Nanaimo Real Estate Market Report: October 2022

Nov 8, 2022 | 1:14 PM

NANAIMO – As the end of the year approaches, the housing market is winding down.

In October, 73 single-family homes sold in Nanaimo, a 27 per cent decrease from one year ago and down 39 per cent from September.

Active listings of single-family homes on the Mid-Island nearly tripled from October 2021, jumping to 1,360, but dipped by 4 per cent from September.

The average sale price of single-family residential units in Nanaimo continues to decline. October saw an average sale price of $801,475, an 11 per cent decrease from last year.

In a competitive market, it is key to obtain the advice of a REALTOR®, especially in a rapidly changing environment.

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These are the benchmark numbers for Nanaimo in October 2022, as well as central and northern Vancouver Island:

• Nanaimo’s benchmark price decreased to $811,200, but was up 8 per cent from last year.
• Campbell River’s benchmark price for single-family homes was $679,300, a 4 per cent increase from the previous year but down 4 per cent from last month.
• Comox Valley’s benchmark price increased by 6 per cent from last year to $829,800.
• Cowichan Valley reported a benchmark price of $804,500, an increase of 8 per cent compared to October 2021.
• The Parksville-Qualicum area increased 6 per cent from the last year to $913,000.
• Port Alberni’s benchmark rose to $566,300, a 12 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