Nanaimo real estate market continues to experience a shortage in housing supply. The inventory of single family homes dropped 16 percent in January compared to one year ago while apartments and townhouses dropped 19 and 30 percent respectively. These are record lows for the area.
This creates a very competitive and fast moving market for home buying. Homes priced in the $400,000 to $500,000 range will typically see multiple offers so having an experience Realtor with negotiation skills is imperative in this hot market!
Let’s take a closer look at Nanaimo’s real estate market numbers for January ….
Nanaimo Single Family Home Market Price
The benchmark price for a single family home in Nanaimo for January came in at $514,400. This rose from December’s price of $500,500 – that’s a 2.77% increase in just one month and 18.66% compared to January of last year. If interested, sign up for Nanaimo Single Family Home Market Updates
Nanaimo Condo Market Price
The benchmark price for a condo in Nanaimo for January came in at $301,400 which rose 3.64% since last month and rose an incredible 25.11% since January of last year. Sign up for Nanaimo Condo Market Updates.
Nanaimo Townhouse Market Price
The January benchmark price for a townhouse in Nanaimo came in at $331,900 which is a 1.81% rise in price since last month and, since one year ago, the price of a townhome has shot up 26.53%.
If you are interested in buying, selling or investing then please contact me through the chat box in the bottom right or contact me here.