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Nanaimo Real Estate Market Update for March 2021
The Average 12 Month to Date Sale Price increased by 15% from the previous 12 month period. The 12 Month to Date Average Sale Price was $656,100. There are 0.82 Months of Inventory of Single Family in Nanaimo. It is currently a Strong Sellers Market. This month's Inventory increased to 158 Active Listings. There were 268 units listed and 193 units sold.
There are 1.95 Months of Inventory of Lots in Nanaimo. It is currently a Avg. Sellers Market. This month's Inventory increased to 39 Active Listings. There were 23 units listed and 20 units sold.
- Single Family homes sales show rising average prices, the market is active and strong.
- Nanaimo’s benchmark price rose by 18 per cent, hitting $645,600
“It’s painfully clear that attempts to dampen demand have not moderated home prices, so the best route to making housing more affordable, particularly for first-time buyers, is to increase supply. It’s not a quick solution, but it’s the only one that makes sense long-term. And, to do that, we need all levels of government working together. Although lack of inventory is a problem throughout British Columbia, it has reached a crisis point on Vancouver Island, says 2021 VIREB president Ian Mackay
- 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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