Nanaimo Real Estate market for the year 2019

As a homeowner, potential buyer, seller or investor it is important to know what is going on in the Nanaimo real estate market.  For buyers looking at real estate in Nanaimo the main concerns are price, selection and timing.  For people selling their Nanaimo home the important factors are timing, level of inventory (competition) on the market and how much they can ask for their home. I hope the following figures and stats will assist both buyers and sellers navigate their way through their real estate transactions.

It is now early January in Nanaimo.  It’s the perfect time to have a look back at 2019 to determine what happened in the real estate market here in Nanaimo, over the past twelve months.

Below are the types of real estate sold in 2019 (source VIREB) in Nanaimo:

Property Type    Number of unit’s        Average sale price
Single Family            1123 units                $566,023.
Condo (Apt)               308                           $314,743           
Condo (Patio)               71                           $434,863
Condo (Townhouse)    211                        $377,061
Lots                                   84                        $282,564

The single family home market in 2019 was down by 7% in units reported sold compared to 2018.  The condo market had 15% fewer units sold in 2019 than last year.  Sales of townhouses were up marginally over 2018 with a 2% increase. The patio home market was also down, with 20% fewer units that sold.

Overall the market in 2019 was fairly strong.  Average sale prices increased in all property types except for patio homes & lots.

Property Type                                 % of change in sale price from December 2018
Lots                                                      - 1 %
Single Family                                     + 2 %
Condos (Apt.)                                    + 4 %
Condos (Patio homes)                    - 3 %
Condos ( Townhouses)                    + 11 %

One interesting statistic, which pertains more to sellers than to buyers, is the Sell/List ratio.  The Sell/List ratio is the percentage of houses that were listed that actually sold.  In 2019 the Sell/List ratio was 58% which was up by 1% over 2018.  This means that 58% of all the houses listed in 2019 were sold.  The others either expired or are still on the market

For additional information on the Nanaimo real estate market please give me a call.