Though home sellers continue to see the biggest profit potential in this region, buyers in Nanaimo have much to be excited about as well. Nanaimo offers a variety of amenities and fantastic features that make buying a home here a promising opportunity. In many ways, inventory (the number of homes on the market for sale) remains tight. This is helping to push the value of homes higher, with more competition and more offers on properties that are available. The Vancouver Island community continues to be one of the most important markets in the region as well as across the country.
Nanaimo Home at Night | Image Provided by VIREB
What Are Current Market Stats?
According to the Vancouver Island Real Estate Board, the market continues to impress. The statistics for October show that the community saw a 23 per cent increase in home values in Nanaimo itself. There was a 16 per cent increase in the Parksville and Qualicum areas. This created an average home price in Nanaimo of $473,203 for the month of October. Compared to Oceanside, where home prices were, on average $486,288, Nanaimo remains a highly competitive market.
Why are home values moving up? The biggest factor in the increase of home values has to do with the amount of homes available for sale. Inventory, as noted, is limited in this region. This lack of inventory has led to many homes in the region seeing multiple offers being presented simply because there is more demand than there is inventory. This is driving home values upward throughout the city.
Taking a closer look at the real estate market in Nanaimo is important for many of today’s home buyer. How can you be sure you are getting the best deal possible in this tough market? Contact Jason Simard today to learn what options and opportunities are available to meet your Nanaimo real estate goals.