By Caitlin Lundgren

Nanaimo Real Estate Market Report: Nov

Nanaimo Real Estate Market Report: November 2020

Dec 3, 2020 | 10:49 AM

NANAIMO – Strong buyer demand is obstructed by low inventory.

In November, 422 single-family detached properties (excluding acreage and waterfront) sold compared to 318 last year. This is a 33% increase even though sales dipped by 19% from October. However, this decrease in sales can be attributed to a lack of inventory, not a lack of buyers, as active listings of single-family detached properties dropped 26% from October.

In Nanaimo, there was a substantial decrease of 16.2% in total unit home sales compared to October 2020, however sales increased by 26.5% compared to November 2019. The average sale price for Nanaimo single-family homes was $651,910 which is 3.4% higher than October 2020 and 16% higher than November 2019.

The strength of the provincial housing market continues to surprise even the experts, seeing a record fall season and prices rapidly rising. Despite the high demand, properly pricing your home remains the key to a quick sale, especially in homes between $500,000 and $700,000.

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

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• Nanaimo’s benchmark price increased to $564,500 in November 2020, slightly higher than November 2019.
• Campbell River’s benchmark price for single-family homes in November 2020 was $475,900, which is up 8.1% from November 2019.
• Comox Valley’s benchmark price increased by 2.5% to $544,900.
• Duncan is reporting a benchmark price of $502.100, which is 4.7% higher than November 2019.
• The Parksville-Qualicum area saw its benchmark price increased by a staggering 7% to $620,100.
• Port Alberni’s benchmark dropped to $326,800 in October 2020, the only decrease from the previous month on Vancouver Island.

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