This December 2019 Nanaimo Real Estate Market Stats, summarize what’s happening in the real estate market in your area. The Nanaimo real estate market stats that analyze the Vancouver Island real estate market north of the Malahat. These Nanaimo real estate market stats can be useful in establishing trends when applied over a period of time.
*Keep in mind that the information does not indicate the actual value of any particular property.
Lack of Supply Continues to Dampen Sales
Sales of single-family homes in January dropped by 16 per cent from one year ago and were 26 per cent lower than in December.
Last month, 174 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 235 in December and 208 one year ago.
Trend wise, inventory is tightening again, which is one of the factors behind weaker sales. REALTORS® are reporting that there is keen interest among buyers. However, reduced purchasing power due to Guideline B-20 and limited supply in their price range are pushing them to the sidelines.
The benchmark price of a single-family home board-wide was $515,400 in January, a four per cent increase from one year ago and marginally lower than in December. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the year-over-year benchmark price rose by five per cent, hitting $309,300, which is two per cent higher than in December. The benchmark price of a townhouse last month rose by three per cent year over year, climbing to $408,600, and was virtually the same as in December.
“The stress test is compressing more demand into our mid- and lower-priced property market. Lack of inventory in that price range is certainly curtailing some buyers from moving ahead with their home purchase,” says Broens. “Unfortunately, without new construction, this gridlock may just be the new normal.”
The recent release of home assessments tends to create confusion for consumers, who are not always aware that the assessed figure is based on data that is several months old and may not reflect current market value.
“Whether you’re a buyer or seller, a REALTOR® can help you cut through the fog of confusion around home prices. We have access to tools and market analytics that will help us determine an optimal selling price for your home and find a property that fits your budget.”