October Nanaimo Real Estate Report - Low stock, high demand.
by Scott Lissa
on Thursday, November 1st, 2018 at 11:42am.
October 2018 Real Estate Report
Fewer New Listings makes buyers make hard decisions
Nanaimo Average Single Detached Home Price, October 2018
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
October has seen a less the 1% decrease in the average sale price of a single detached home from $563,218 to $559,149 when comparing September to October Sales. 121 Single Detached homes were sold in October which is a 20% increase from September 2018.
These numbers reflect the confidence and demand that still exists in the market, but due to the low amount of homes being listed in the Nanaimo, buyers are struggling to find a home that meets their needs and searching much longer then they had to a year ago.
For example, of the top three brokerages in Nanaimo from a market share perspective, all have seen an average of 20% reduction in total listings they're currently marketing when compared to a year ago in October 2017. Many opinions are given for this lack of sellers, but it's too early to tell what the primary motivating factors are for these numbers.
It's much the same in other markets such as Nanoose, Qualicum Beach, Parksville and Fairwinds to name a few. Many buyers are looking for a home, but due to the lack of available houses and condos, buyers have to wait for two, three, or even four weeks longer to find a home than previously experienced.
Though fall is perceived as a slow time of year for real estate, any seasoned Realtor® will tell you that this is when you'll find the most motivated buyers and seller of real estate as there's an immediate need for them to transition to a new home for one reason or another. So anyone considering listing there house or Condo should know that demand is high, buyers are eager, and you could be receiving offers higher than the listed price if you're marketing your property correctly.
If you need more information on listing your home, don't hesitate to contact us.