By: PropertyGuys.com on Vancouver Island
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Nanaimo Real Estate Market Update for December 2020
The monthly Nanaimo Real Estate Market Update for December 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last December in the Nanaimo were up 56% and up while the average days to sell was down by 2% from last December. The sales over the last 12 months are up by 13%, the market is very strong.
Incredibly swift sales in Single Family Detached homes is really causing upward price pressure. There is only 1 month of inventory in homes. The housing market remains strong. For apartments inventory is much larger with 2 months. We have seen significant gains but as we head into winter the numbers have tempered but not as much as expected.
- Single Family homes sales show rising average prices, the market is active and strong.
- In the Nanaimo, the benchmark price was $569,400, a slight increase from one year ago. Benchmark pricing tracks the value of “middle-of-the-range” or “typical” homes and excludes the extreme high-end and low-end properties in Campbell River. It is normally a more stable price indicator than average prices.
“…low inventory continues to be the primary reason behind the weaker sales posted in November and December. The buyers are there, but the listings are not…Consumer demand is high, and buyers are snapping up well-priced properties quickly once they hit the market…Multiple offers are commonplace. Notwithstanding high demand, correctly pricing your home remains the key to a quick sale. Overpriced homes tend to linger in our area despite prevailing market conditions.” says VIREB president Kevin Reid
Source: Vancouver Island Real Estate Board – MLS® Statistics
| Single Family Homes | |
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The Average 12 Month to Date Sale Price increased by 9.68% from the previous 12 month period. The 12 Month to Date Average Sale Price was $616,588. There are 1.21 Months of Inventory of Single Family in the Nanaimo area. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 110 Active Listings. There were 89 units listed and 91 units sold. PLEASE NOTE: SINGLE FAMILY property does NOT INCLUDE acreage with a house, condominiums, duplex/triplex, mobile homes/on a pad, single-family waterfront or single-family strata. LOTS do NOT INCLUDE acreage or waterfront acreage. |
| Lots | |
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The Average 12 Month to Date Sale Price decreased by 5.66% from the previous 12 month period. The 12 Month to Date Average Sale Price was $326,150. There are 6 Months of Inventory of Lots in the Nanaimo area. It is currently a Soft Buyers Market. This month’s Inventory increased to 60 Active Listings. There were 11 units listed and 10 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price increased by 0.77% from the previous 12 month period. The 12 Month to Date Average Sale Price was $317,157. There are 2.21 Months of Inventory of Condos (Apt) in the Nanaimo area. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 95 Active Listings. There were 22 units listed and 43 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price increased by 7.12% from the previous 12 month period. The 12 Month to Date Average Sale Price was $419,481. There are 1.48 Months of Inventory of Condos (Twnhse & Patio) in the Nanaimo area. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 37 Active Listings. There were 12 units listed and 25 units sold. |
Market Legend
- Seller’s Market – In a seller’s market, conditions are favorable for sellers to get higher prices for their homes. The number of buyers who want homes exceeds the number of homes available. In this type of market, the homes sell quickly, prices will increase, and a large number of buyers are available for a minimal inventory of homes. These characteristics have implications for the buyer who has to make decisions quickly, must pay more, and frequently has their conditional offers rejected.
- Balanced Market – In a balanced market, the number of homes on the market is equal to the demand or number of buyers. Houses sell within a reasonable period, the demand equals supply, sellers accept reasonable offers, and prices are generally stable. The implications for the buyer in this type of market are that the atmosphere is more relaxed. There is a reasonable number of homes from which to choose.
- Buyer’s Market – A buyer’s market allows buyers to come in at lower prices. The supply of homes on the market exceeds the demand or the number of buyers. Homes will be on the market longer, fewer buyers will be available compared to the higher inventory of homes, and house prices are reduced. The implications for the buyers in this type of market are more favorable, negotiating leverage, more time to search for a home, and better prices.
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