As with previous months, low inventory is the primary reason behind the weaker sales. The demand is there, but the listings are not. Despite the high demand, properly pricing your home remains the key to a quick sale, especially in homes between $500,000 and $700,000.
These are the benchmark numbers for Nanaimo in January 2021, as well as central and northern Vancouver Island:
- Nanaimo’s benchmark price increased to $604,500, up 10 per cent from the previous year.
- Campbell River’s benchmark price for single-family homes was $528,000, which is up slightly from last month but a 13 per cent increase from the previous year.
- Comox Valley’s benchmark price increased by 10.5 per cent from last year to $620,100.
- Duncan reported a benchmark price of $561,900, which is 16.5 per cent higher than December 2020.
- The Parksville-Qualicum area increased almost 12 per cent from the last year and but only slightly increased from last month to $686,600.
- Port Alberni’s benchmark rose to $371,200, only a 6 per cent increase from last year. The only increase under 10 per cent on central and northern Vancouver Island.
This is the monthly Nanaimo Real Estate report which analyzes the Vancouver Island Real Estate market north of the Malahat and more precisely, the Nanaimo and greater area. The information included here does not reflect the actual value of any particular property. You can find out what your home is worth by contacting a RE/MAX of Nanaimo’s agents here.
Looking for listings? Start browsing Nanaimo’s Real Estate listings here
Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/nanaimo-real-estate-market-report
