Nanaimo Real Estate Market Report: May 2019
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NANAIMO – The slow-moving spring market continues but sees signs of improvement in May.
Sales of single-family homes in Nanaimo went down by 2% compared to May 2018 but saw a 31% increase from April 2019. The average sale price of single-family homes continues to be higher than May 2018 and April 2019 at $593,326.
The power of the mortgage stress test, or Guideline B-20, continues to tear through Vancouver, the Lower Mainland and the Fraser Valleys housing market, and now we’re seeing signs of it here in Nanaimo. However, May 2019 saw the first time in over a year that there were more listings sold than active listings. The British Columbia Real Estate Association, based on a seasonally adjusted basis, announced the sales in the Vancouver Island Real Estate Board are close to where they were in 2014. They also expect these current market conditions to continue into the fall.
Despite the ongoing decrease in demand, the benchmark price for a single-family home continues to rise, not just in Nanaimo but Island wide. To get an idea of numbers, in Nanaimo, the benchmark price reached $557,500. In Campbell River it hit $428,900, an increase of 4% from 2018. The Parksville-Qualicum Beach area saw a 3% increase to make the benchmark single-family home there $587,100 and Port Alberni has seen a 7% increase from May 2018 reaching a benchmark prize of $314,100.
