September Nanaimo Real Estate Report - Prices levelling off
by Scott Lissa
on Wednesday, October 3rd, 2018 at 4:47pm.
September 2018 Real Estate Report
Buyers are more modest with offering prices
Nanaimo Average Home Price
Average homes sale price compared to the previous four years of sales data.
Average Price by Property Type:
Avg Sale Price
Single Family Water
Average Price of Other Cities:
Avg Sale Price
Buyers in the Nanaimo Real Estate Market are becoming more aggressive with their offers, making many sellers face the reality that the market is stabilizing and receiving multiple offers on your home may be somthing less common in 2018 and 2019.
In no way would this be considered a slow year for real estate in Nanaimo. New home construction is on the rise, demand for rental properties continues to grow, significant new developments are underway in the downtown core, and people keep to relocate to Nanaimo in large numbers to live on the Island we all love.
Demand is high, but home prices high and borrowing requirements are steep which is decreasing the potential buyers for homes at an inflated rate. Furthermore, people selling their homes at a price that's no longer valid in today's marketplace. What you would have received for your home a year ago is at least 15% lower than years previous depending on various factors.
Other seasonal factors contribute to the slowdown in September such as children returning to school and families not wanting to be burdened with a move during the first few weeks of school. Furthermore many people are just returning from vacation and preparing to list their primary or secondary home in the fall months.
However, this will not be the case for long. Analyst predicts that within three years we could see another doubling of home prices, much like we saw between 2015 and 2017. This is due to the continuing demand for housing at all prices points, especially under $500,000.
Due to these factors, if your planning on relocating to Nanaimo or the surrounding areas in the foreseeable future, make sure you don't move after the next boom occurs. If your retiring, this may be the time to look at downsizing into a condo on Vancouver Island. If you are relocating your family, it might be a good idea to research the schools in Nanaimo. And if you're looking for new construction, there are many options for you to purchase your dream home or build your own on a lot of your choice.