Real Estate Market Report: November 2018

By RE/MAX of Nanaimo
December 17, 2018 - 3:42pm Updated: January 11, 2019 - 9:34am

NANAIMO - The Holiday season is in full swing and the real estate market in Nanaimo is making a shift as well. The market seems to be trying to balance compared to what it has experienced over the last couple of years. While anything under $500k still seems to be a seller’s market, anything over $700k could be considered a buyer's market and anything in between is in a fluid and transitional state. 

It makes this a much more comfortable market as the supply of listings is now meeting full demand of home buyers and it alleviates competition for home buyers. Timing is also important to keep in mind, if you're looking to buy, sellers are typically motivated to complete a sale before the end of year so a competitive offer and willingness to move in this season could land you a great deal. 

There were 76 single family homes sold in Nanaimo on November 2018 which was a 34% decrease from November 2017 with condos and townhouses seeing a 20% decrease as well. One glaring stat is that days to sell a Condo/apartment went up by 188% compared to November 2017 and 257% compared to October 2018. Could be a fluke but also more of a sign of what we’ll be seeing in 2019.

This monthly Real Estate Market Report will analyze the Vancouver Island real estate north of the Malahat and more specifically the Nanaimo area. Keep in mind that the information does not indicate the actual value of any particular property. Find out what your home may be worth in today’s market, contact one RE/MAX of Nanaimo's agents here.  

Looking for listings? Start browing Nanaimo's Real Estate listings here   

Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/real-estate-market-report 

Real Estate Market Report: December 2018