By Maria Doty

Nanaimo Real Estate Market Report Oct/19

Nanaimo Real Estate Market Report: October 2019

Nov 20, 2019 | 10:49 AM

NANAIMO – Pricing Smart is a Must in This Balanced Market.

October 2019 sales of single-family homes in Nanaimo were significantly lower than October 2018 but saw a slight increase of 7% compared to September 2019. The average sale price of single-family homes was very similar to September 2018 but decreased from September 2019 by $12,950.

In the current market, buyers are definitely negotiating more competitively and they’re willing to walk away and wait for the ideal home and perfect deal. When looking at the entire Vancouver Island Real Estate Board, October saw the inventory of single-family homes rise by 14% compared to October 2018, while townhouse inventory dropped by 21%.

When looking at real estate trends the Nanaimo market is looking fairly balanced and on higher-end properties, one typically favoring the buyer. Certainly a change from the previous years of seller markets but still a moving and healthy market.

This is the monthly Nanaimo Real Estate report which 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.

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