The real estate market in Vancouver Island’s biggest town, Nanaimo, continues to impress. For those who are considering the need to buy a home now, the good news is that inventory is available, although limited. While you may pay a bit more for homes for sale here now than you did a few years ago, you’ll find that the area has much to offer that makes owning a home here ideal. It helps to take a closer look at the facts and figures, though, to know if this is the right time for you to buy or sell.

Home in Linley Point, Nanaimo

Home in Linley Point, Nanaimo | Image Provided by VIREB

Key Factors for November of 2016

One of the biggest factors impacting this market today is the limited number of homes for sale here. In fact, it is at an unprecedented low. There are only about 229 homes listed on the market for sale. Now, compare that to the numbers in November of 2011. During that time, there were over 520 homes listed for sale. And, when the market was growing rapidly in November of 2007, there were still many more homes for sale. At that time, about 460 homes were on the market.

So, what does that mean for those who are looking to buy a home here? In short, it means that home prices are going to grow as demand continues to grow and inventory remains low. For example, in that time period in 2011, when 520 homes were listed for sale, the average price for a home was about $357,000. Going back to 2007 when there were 460 homes on the market, the average sale price stood at $364,163. But, now, with the low numbers we have, the average sale price stood at $472,137.

As you can see, the area has a significant amount of competition. If you plan to sell now, you’ll likely see your home sell quickly, and you may get more for it. Whether you are looking to buy or sell in Nanaimo, contact Jason Simard and the Sims Real Estate team to discuss your goals.