By Maria Doty

Nanaimo Real Estate Report: August

Nanaimo Real Estate Market Report: August 2020

Sep 8, 2020 | 10:40 AM

NANAIMO – The post-COVID recovery continues through August 2020.

The Nanaimo real estate market continues to rebound from the COVID-19 downturn much more quickly than expected following a record breaking July.

In Nanaimo, there was a decrease of 29% on single-family home sales compared to July 2020, however, sales increased by 28% compared to August 2019. The average sale price for Nanaimo single family homes was $575,100 which is 3% lower July 2020 but 3% higher than August 2019.

The outlook for the entire British Columbia market is significantly brighter following its strong recovery. It’s expected home sales will sustain the momentum into 2021. This is all aided by the record-low mortgage interest rates and the recovering economy. It is expected that unit sales in Vancouver Island can go up by 15% in 2021 compared to the estimate for 2020.

These are the benchmark numbers for Nanaimo and the Central and Northern Vancouver Island:

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• Nanaimo’s benchmark price went up by 3% to $575,100 in August 2020.
• Campbell River’s benchmark price for single-family homes in August 2020 was $455,600, which is 2% higher than August 2019.
• Comox Valley’s benchmark price in July 2020 was $537,300, 3% higher than 2019.
• Duncan is reporting a benchmark price of $480,200, that is 1% higher than July 2019.
• The Parksville-Qualicum area saw its benchmark price increase 3% to $608,300.
• Port Alberni’s benchmark reached $329,100 in August 2020, a 4% increase from July 2019.

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.

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