Read more in the February 2017 Market Update, Nanaimo Real Estate

Market Update: An Amazing Year For Nanaimo Real Estate

Amidst scandal resulting from questionable “Ghost Flipping” practices on the Lower Mainland, a loss of self-regulation for the BC Real Estate community, more mortgage rule changes, CMHC rule changes, and Real Estate Services Act rule changes, our local market has thrived and continues to do so.

Market update

Single Family Home inventory remains at unprecedented lows of 229 active listings. To put this in perspective:

  • a normal market in November of 2011had the single family home active listings pegged at 521
  • the last hot market in November 2007 had active listings dropping to 460
  • our lack of inventory is in no small way the driver behind the continuos increase in price. Compare avg sell price:
    • Nov 2016 $472,137
    • Nov 2011 $357,000
    • Nov 2007 $364,163
  • the many multiple offers and an average days to sell down to 26

Nanaimo real estate buyers

Even in this busy market, buyers remain vigilant. When a well-priced and well-marketed home hits the market there is often a flurry of activity, resulting in multiple offers well above asking price.  One home in Nanaimo last week reported 17 offers to be presented to the sellers. Buyers may also be feeling the pressure as they wonder how they will afford a home.

In comparison, the average price of a home selling in:

Average home price, Nanaimo Real Estate, Market Update

  • Nanaimo as stated above was $472,137
  • Victoria’s benchmark price was $755,000 in October
  • Vancouver’s benchmark price was $919,300 in October

Affordable homes

Nanaimo real estate continues to be an affordable alternative, offering great amenities, stunning landscapes, and access to excellent services.  When my wife and I moved to Nanaimo in 2002 from the Lower Mainland, we chose Nanaimo because it was affordable, centrally located, and because it was a GREAT place to raise a family.

Thank you

All the numbers and statistics aside, each and every REALTOR®, Owner, and Staff member at RE/MAX of Nanaimo would like to thank the community for choosing RE/MAX to help them buy or sell, or rent a property in 2016, and every year.  It’s the support from the community that allows RE/MAX of Nanaimo to retain the highest Market Share in our area.  We would also like to wish everyone a Merry Christmas, Best of the Season and a safe, healthy and prosperous New Year in 2017!  We hope you will continue to choose RE/MAX for all your Real Estate needs.

Thank you for choosing RE/MAX of Nanaimo. If your 2017 goal or New Years Resolution is to move, let us find you the perfect home!

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About Justus Edmundson

Justus has been with RE/MAX of Nanaimo since January 2005 and is the Managing Broker. Justus was born and raised on Vancouver Island, so he and his lovely wife Kelly, decided in 2002 to raise their family on the Island and along with their daughter SaraLynn, are happily living in beautiful Nanaimo. When he’s not helping clients, Justus spends time with his family boating, he plays hockey, goes fishing, and plays in a band. Justus has learned a lot about the real estate industry in the last decade since aligning myself with the dedicated professionals at RE/MAX of Nanaimo. In 2014, he took his career to the next level by becoming the Managing Broker at RE/MAX of Nanaimo.