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Nanaimo Real Estate Market Update – October 2018

The Nanaimo Real Estate market continues to cool slightly from the above average demand we saw in 2016 and 2017. Mostly, this means that Nanaimo is not seeing as many multiple offer scenarios on houses and the monthly inventory is moving more towards a balanced market. 

The Nanaimo Real Estate Market is still slightly in favour of sellers with houses in demand under $700k. Above $700k, houses do sit on the market for longer periods. 

October numbers are showing a slight decline in prices from September but there is little fear that this any indication of an ongoing trend.  Nanaimo being somewhat impervious to mortgage rate changes because of its large percentage of retirees coupled with the strong BC economy, the real estate market is still strong.

Let’s take a closer look at Nanaimo’s real estate market numbers for October 2018 ….

Nanaimo Single Family Home Market Price

The benchmark price for a single family home in Nanaimo for October came in at $548,000. That decreased only slightly at -1.09% from one month ago and a total increase 8.59% from one year ago.

Nanaimo Apartment Market Price

The benchmark price for a apartment in Nanaimo for October came in at $317,300 which dropped 1.76% drop. Compared to one year ago, the benchmark price of an apartment rose at a healthy 11.69%

 

Nanaimo Townhouse Market Price

October’s benchmark price for a townhouse in Nanaimo is $348,500 which showed the biggest drop since September at -3.58%. Though, this is still nothing to worry about with an yearly increase of 7.98%.

Nanaimo Area Sales

Here is a closer look at the average sale price of a home in the different areas in Nanaimo as well as the sale volume.

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