By Caitlin Lundgren

Nanaimo Real Estate Market Report: Dec

Nanaimo Real Estate Market Report: December 2020

Jan 5, 2021 | 10:51 AM

NANAIMO – There are fewer homes available to buy in Nanaimo than ever before, a trend typical across much of Vancouver Island.

In December, 302 single-family detached properties (excluding acreage and waterfront) sold compared to 266 last year. A 34 per cent increase even though sales dropped by 28 per cent from November.

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 22 per cent from November, the lowest number on record.

In Nanaimo, there was a substantial decrease of 29.5 per cent in total unit home sales compared to November 2020. Sales increased by 28.2 per cent compared to the previous year.

The average sale price for Nanaimo single-family homes was $657,007 which is slightly higher than November 2020 but 15 per cent higher than December 2019.

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As with previous months, low inventory is the primary reason behind the weaker sales. The demand is there, but the listings are not. 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 in December 2020, as well as central and northern Vancouver Island:

• Nanaimo’s benchmark price increased to $569,400, slightly higher than the previous year.
• Campbell River’s benchmark price for single-family homes was $473,000, which is up slightly down from last month but a 10 per cent increase from the previous year.
• Comox Valley’s benchmark price increased by 3.6 per cent from last year to $550,800.
• Duncan reported a benchmark price of $502.100, which is 4.7 per cent higher than November 2019.
• The Parksville-Qualicum area continues to see a high benchmark price increase of almost 9 per cent from the last year and 3 per cent from last month to $639,100.
• Port Alberni’s benchmark rose slightly to $328,000, only a 1.5 per cent increase from last year.

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