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Nanaimo Real Estate Market Update for July 2021

The Average 12 Month to Date Sale Price increased by 23.51% from the previous 12 month period. The 12 Month to Date Average Sale Price was $712,619. There are 1.01 Months of Inventory of Single Family in Nanaimo. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 141 Active Listings. There were 138 units listed and 140 units sold.

• Nanaimo’s benchmark price rose by 31 per cent, hitting $739,000

“Unless demand drops significantly or more housing supply comes online through new construction, the needle for VIREB’s inventory situation will not move by much,” states Mackay. “BCREA, VIREB, and other real estate boards continue advocating with policymakers at the provincial and regional levels to speed up the development process so that municipalities can expand supply more quickly to meet demand.”

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 23.51% from the previous 12 month period. The 12 Month to Date Average Sale Price was $712,619. There are 1.01 Months of Inventory of Single Family in Nanaimo. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 141 Active Listings. There were 138 units listed and 140 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
	The Average 12 Month to Date Sale Price increased by 23.11% from the previous 12 month period. The 12 Month to Date Average Sale Price was $394,363. There are 9.71 Months of Inventory of Lots in Nanaimo. It is currently a Strong Buyers Market. This month’s Inventory increased to 68 Active Listings. There were 24 units listed and 7 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price increased by 17.05% from the previous 12 month period. The 12 Month to Date Average Sale Price was $359,856. There are 1.46 Months of Inventory of Condos (Apt) Nanaimo. It is currently a Avg. Sellers Market. This month’s Inventory increased to 51 Active Listings. There were 36 units listed and 35 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 11.21% from the previous 12 month period. The 12 Month to Date Average Sale Price was $449,674. There are 1.33 Months of Inventory of Condos (Twnhse & Patio) in Nanaimo. It is currently a Avg. Sellers Market. This month’s Inventory remained the same to 32 Active Listings. There were 24 units listed and 24 units sold.

• 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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PropertyGuys.com delivers premium real estate marketing services to help Vancouver Islanders sell their homes and keep more money in their pockets. PropertyGuys.com price their services at a level that makes sense, and do not price as a percentage of your home’s sale price. PG Direct Realty Ltd. is PropertyGuys.com’s brokerage partner and they help home sellers every step of the way from listing, showings, offers and SOLD! PG Direct Realty Ltd will also help you purchase a home, just call PropertyGuys.com at 778 557 8596 and see how PropertyGuys.com and our partner PG Direct Realty Ltd. can help you buy & sell real estate on Vancouver Island delivering a premium service while still saving you a lot of money!

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Nanaimo Real Estate Market Update for February 2021

The monthly Nanaimo Real Estate Market Update for February 2021 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last February in the Nanaimo were up 99% and up while the average days to sell was down by 28% from last February. The sales over the last 12 months are down by 18%, the market is still 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 benchmark price rose by 12 per cent, hitting $617,700, 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 Nanaimo. It is normally a more stable price indicator than average prices. 

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 12.62% from the previous 12 month period. The 12 Month to Date Average Sale Price was $638,651. There are 0.84 Months of Inventory of Single Family in Nanaimo. It is currently a Strong Sellers Market. This month’s Inventory increased to 122 Active Listings. There were 170 units listed and 145 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
	The Average 12 Month to Date Sale Price increased by 6.51% from the previous 12 month period. The 12 Month to Date Average Sale Price was $344,550. There are 2.14 Months of Inventory of Lots in Nanaimo. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 45 Active Listings. There were 18 units listed and 21 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price increased by 5.43% from the previous 12 month period. The 12 Month to Date Average Sale Price was $326,883. There are 1.06 Months of Inventory of Condos (Apt) Nanaimo. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 55 Active Listings. There were 32 units listed and 52 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 5.92% from the previous 12 month period. The 12 Month to Date Average Sale Price was $423,752. There are 0.88 Months of Inventory of Condos (Twnhse & Patio) in Nanaimo. It is currently a Strong Sellers Market. This month’s Inventory decreased to 22 Active Listings. There were 24 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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Nanaimo Real Estate Market Update for January 2021

The monthly Nanaimo Real Estate Market Update for January 2021 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last January in the Nanaimo were up 56% and up while the average days to sell was down by 2% from last January. 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 $604,500, 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 Nanaimo. It is normally a more stable price indicator than average prices. 

“A dearth of listings is an ongoing issue throughout our area…We’re confident that sales activity would be much higher if we had adequate supply. We’d normally say this is a great time to sell, but with so little inventory available, buyers and sellers are in a Catch-22 situation. It’s hard to part with your home if you have nowhere to move. In a competitive housing market, using a REALTOR® can help streamline the buying and selling process to ensure the best possible outcome while mitigating associated risks.” says VIREB president Ian Mackay

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 10.76% from the previous 12 month period. The 12 Month to Date Average Sale Price was $624,787. There are 1.16 Months of Inventory of Single Family in Nanaimo. It is currently an Avg. Sellers Market. This month’s Inventory increased to 108 Active Listings. There were 112 units listed and 93 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
	The Average 12 Month to Date Sale Price decreased by 2.68% from the previous 12 month period. The 12 Month to Date Average Sale Price was $328,356. There are 5.36 Months of Inventory of Lots in Nanaimo. It is currently a Balanced Market. This month’s Inventory increased to 59 Active Listings. There were 20 units listed and 11 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price increased by 2.84% from the previous 12 month period. The 12 Month to Date Average Sale Price was $321,543. There are 1.95 Months of Inventory of Condos (Apt) Nanaimo. It is currently an Avg. Sellers Market. This month’s Inventory decreased to 80 Active Listings. There were 38 units listed and 41 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 5.98% from the previous 12 month period. The 12 Month to Date Average Sale Price was $420,159. There are 1.25 Months of Inventory of Condos (Townhouse & Patio) in Nanaimo. It is currently an Avg. Sellers Market. This month’s Inventory decreased to 30 Active Listings. There were 18 units listed and 24 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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PropertyGuys.com on Vancouver Island

PropertyGuys.com delivers premium real estate marketing services to help Vancouver Islanders sell their homes and keep more money in their pockets. PropertyGuys.com price their services at a level that makes sense, and do not price as a percentage of your home’s sale price. PG Direct Realty Ltd. is PropertyGuys.com’s brokerage partner and they help home sellers every step of the way from listing, showings, offers and SOLD! PG Direct Realty Ltd will also help you purchase a home, just call PropertyGuys.com at 778 557 8596 and see how PropertyGuys.com and our partner PG Direct Realty Ltd. can help you buy & sell real estate on Vancouver Island delivering a premium service while still saving you a lot of money!

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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
	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
	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
	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
	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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PropertyGuys.com delivers premium real estate marketing services to help Vancouver Islanders sell their homes and keep more money in their pockets. PropertyGuys.com price their services at a level that makes sense, and do not price as a percentage of your home’s sale price. PG Direct Realty Ltd. is PropertyGuys.com’s brokerage partner and they help home sellers every step of the way from listing, showings, offers and SOLD! PG Direct Realty Ltd will also help you purchase a home, just call PropertyGuys.com at 778 557 8596 and see how PropertyGuys.com and our partner PG Direct Realty Ltd. can help you buy & sell real estate on Vancouver Island delivering a premium service while still saving you a lot of money!

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Nanaimo Real Estate Market Update for November 2020

The monthly Nanaimo Real Estate Market Update for November 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last November in the Nanaimo were up 49% and up while the average days to sell was up by 34% from last November. The sales over the last 12 months are up by 13.4%, 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 3 and half 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 $564,500, 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. 

“Despite what may be the worst recession in B.C. history, the housing market had a record fall season, and prices are rapidly rising as pent-up demand floods into an under-supplied market, … As that pent-up demand from the loss of a spring season fades, sales will likely slow from their current pace, but activity is expected to remain strong as record-low mortgage rates and a recovering economy continue to drive sales.” says BCREA.

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 8.73% from the previous 12 month period. The 12 Month to Date Average Sale Price was $611,181. There are 1.12 Months of Inventory of Single Family in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 144 Active Listings. There were 100 units listed and 129 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
	The Average 12 Month to Date Sale Price decreased by 7.94% from the previous 12 month period. The 12 Month to Date Average Sale Price was $319,224. There are 2.22 Months of Inventory of Lots in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory increased to 71 Active Listings. There were 42 units listed and 32 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price decreased by 0.12% from the previous 12 month period. The 12 Month to Date Average Sale Price was $317,174. There are 3.42 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Soft Sellers Market. This month’s Inventory increased to 130 Active Listings. There were 53 units listed and 38 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 6.87% from the previous 12 month period. The 12 Month to Date Average Sale Price was $417,311. There are 2.04 Months of Inventory of Condos (Twnhse & Patio) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 55 Active Listings. There were 22 units listed and 27 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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PropertyGuys.com delivers premium real estate marketing services to help Vancouver Islanders sell their homes and keep more money in their pockets. PropertyGuys.com price their services at a level that makes sense, and do not price as a percentage of your home’s sale price. PG Direct Realty Ltd. is PropertyGuys.com’s brokerage partner and they help home sellers every step of the way from listing, showings, offers and SOLD! PG Direct Realty Ltd will also help you purchase a home, just call PropertyGuys.com at 778 557 8596 and see how PropertyGuys.com and our partner PG Direct Realty Ltd. can help you buy & sell real estate on Vancouver Island delivering a premium service while still saving you a lot of money!

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Nanaimo Real Estate Market Update for October 2020

The monthly Nanaimo Real Estate Market Update for October 2020 shows compared to a year ago, a large increase in sales for the entire local area. Overall residential sales from last October in Nanaimo were up 55% and up while the average days to sell increased overall by 10% from last October. The sales over the last 12 months are up by 10%, the market is strong.  

Swift sales in the latter half of the year is causing upward price pressure.  We have seen significant gains but as we head into fall the numbers have tempered, with October posting a marginal fall in price.

•  Single Family homes sales show slight decrease in average prices, the market is active and strong.  
• In Nanaimo, the benchmark price shrank to $558,100, down by 0.25 percent 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. 

“Demand in the VIREB area continues to be high, but there just aren’t enough homes to satisfy it… Active listings of single-family detached properties (excluding acreage and waterfront) were 733 in October compared to 909 in September. There were 333 condo apartments and 197 row/townhouses for sale last month, down 14 per cent and three per cent, respectively, month over month…We don’t know if it’s a long-term trend, but we have noticed that some of the demand includes buyers who are advancing their retirement plans while others are downsizing and reducing their debt load,” says VIREB president Kevin Reid

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 8.77% from the previous 12 month period. The 12 Month to Date Average Sale Price was 528315. There are 1.29 Months of Inventory of Single Family in Campbell River. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 85 Active Listings. There were 49 units listed and 66 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
	The Average 12 Month to Date Sale Price increased by 3.25% from the previous 12 month period. The 12 Month to Date Average Sale Price was $262,274. There are 12 Months of Inventory of Lots in Campbell River. It is currently a Strong Buyers Market. This month’s Inventory increased to 12 Active Listings. There were 5 units listed and 0 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price increased by 12.42% from the previous 12 month period. The 12 Month to Date Average Sale Price was $293,546. There are 1.83 Months of Inventory of Condos (Apt) in Campbell River. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 22 Active Listings. There were 9 units listed and 12 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 2.76% from the previous 12 month period. The 12 Month to Date Average Sale Price was $348,491. There are 3.25 Months of Inventory of Condos (Twnhse & Patio) in Campbell River. It is currently a Soft Sellers Market. This month’s Inventory increased to Active Listings. There were 8 units listed and 8 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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Meet Gord

Gord is a real estate agent on Vancouver Island with PG Direct Realty Ltd. Gordon is a market expert who loves helping people sell their own homes and save tens of thousands of dollars.