January 2019 Real Estate Report
Homes still moving fast to eager buyers!
Nanaimo Average Single Detached Home Price, January 2019
Average homes sale price compared to the previous four years of sales data.
Average Price by Property Type:
| Property Type | Sales | Avg Sale Price |
|---|---|---|
| Single Family | 55 | $544,902 |
| Single Family Water | 3 | $694,000 |
| Condo | 24 | $323,921 |
| Patio Home | 6 | $405,549 |
| Townhouse | 10 | $294,170 |
| Lots/Land | 4 | $270,175 |
Average Price of Other Cities:
| City Name | Sales | Avg Sale Price |
|---|---|---|
| Nanaoose | 3 | $632,000 |
| Fairwinds | 1 | $719,000 |
| Parksville | 14 | $578,477 |
| French Creek | 3 | $672,00 |
| Qualicum Beach | 5 | $459,200 |
| Bowser | 2 | $561,250 |
January 2019 has been an exciting real estate market in Nanaimo and surrounding areas. Though there aren't as many home sales as in 2018 of January which saw 89 home sales compared to 55 in January 2019, this is nearly the same amount of homes that were sold in January of 2017. This is not a sign of anything thing other than homebuyers are being a bit more selective with the time of there purchase. The average sales price of a Nanaimo Single Family homes sold increased 4.2% in January 2019 to $544,902 from $522, 608 of last year.
One thing is for sure if your shopping for a home under $500,000, you need to be very aggressive. The vast majority of buyers are writing offers in this price point, meaning that homes around a half million dollars are being bought within about 10 days of them being entered into the MLS. If you speak to most realtors, they'll tell you that you need to be engaged, have your finances in order, and be ready to enter an offer ASAP!
Condos, patio homes and townhouses had nearly the same amount of units sold in January 2018 compared to 2019.
| January 2018 | January 2019 |
| Units | Price | Units | Price | |
| CONDOS | 25 | $276,899 | 24 | $323,921 |
| PATIO HOMES | 8 | $463,600 | 6 | $405,549 |
| TOWNHOUSES | 6 | $347,833 | 10 | $249,107 |
these home types are always in demand due to investors buying for potential rental income and individuals downsizing their lives to a more manageable home with less maintenance.
January of 2019 saw far fewer lot sales in comparison to the year previous. Only 4 lots were sold last month at an average cost of $270,175, whereas 18 lots sold in January 2018 at an average price of $271,328. It will be interesting to watch and see if this trend continues in the next few months of winter. This low amount of sales could be due to the multitude of construction projects currently underway in Nanaimo.
If you want updates of the latest homes and condos hitting the market in Nanaimo and surrounding area, contact me today, and we can set up email updates so that you never miss an opportunity. Good homes are going off the market fast, and we're here to help you.
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