Market Update: Very Busy Real Estate Market in Nanaimo

We are in a very robust Real Estate Market, with high market activity that hasn’t been seen in over a decade. Our local market is different than what you see on the news in Vancouver or Toronto, but nonetheless, it is a VERY busy real estate market in Nanaimo for those buying and selling homes.

Buying demand

We can never be totally certain of what is driving demand among buyers. The number of homes listed in April is up 6% over the same month last year, but with the number of units reported sold up 27%, buyers are feeling frantic. The average sell price per unit last month was also up 13% over April of 2015.

A busy real estate market in Nanaimo

The real estate market comes down to supply and demand. There is a limited supply of new and existing homes for sale in the Nanaimo market, and there are more Buyers than there are homes available. Because of this, prices and sales go up. As a Buyer right now, you need to be on top of your market segment, watching the new listings and communicating with your REALTOR®. Your REALTOR® is going to give you the knowledge needed to be involved in “Multiple Offer” scenarios, so do your research and follow their advice. With the help of your REALTOR®, you could come out on top. Stay focused and know what you want.

Tips for sellers

As a Seller, you should be strategizing the best position for you in this busy market. It’s great to sell, and possibly for even more money than you originally thought, but there are still some challenges.  Do you have a new home to go to?  You are stuck with the same challenge as any buyer, competing for the home you want.  Have you taken your REALTORS® advice and priced your home well?  Houses that are overpriced will continue to sit on the market even in the best markets.  You have to be priced well to succeed. 

Thinking about buying an investment property?

RE/MAX of Nanaimo Property Management department has rented all of our inventory! Do you have a suite, condo or home that you would like to be rented?

We’ve rented every one of our rental properties and we need more! We have tenants looking for the right home to rent and we have nothing for them to rent. Put us to work for you and get your rental investment rented! Call us today at (250) 751-1223.

Have a chat with one of the market’s best REALTORS® at Nanaimo’s Best Real Estate Office, RE/MAX of Nanaimo at (250) 751-1223 or find more stats on VIREB.

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About REMAXofNanaimo

From RE/MAX of Nanaimo’s humble beginnings, to the market-dominating business it is today, the company continues to grow and adapt to suit client and agent needs. Some things, however, never change. Our commitment to service, ethics, and continual education means that our clients can benefit from the knowledge and experience of Nanaimo’s top real estate professionals, while our REALTORS® benefit from a working environment that supports their professional and personal growth.