January 2017 Nanaimo Real Estate Market Stats
Inventory Challenges Continue to Moderate Sales Activity in Nanaimo – In January 2017. The benchmark price of a single-family home in Nanaimo increased 21% to $434,100. 245 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 258 last January, a decrease of 5%. Sales were virtually unchanged from December, which saw 243 sales. Vancouver Island Real Estate Board attributes this static sales activity to inventory challenges rather than insufficient demand. Active listings of single-family homes did increase by 4% in January to 893 from December’s 852, which typically happens at the beginning of the year, with 389 properties coming onto the market last month. However, inventory is still down by 38% from one year ago, a significant reduction from the 1,431 available properties in January 2016. Janice Stromar, 2017 Vancouver Island Real Estate Board President, reaffirms that housing sales in the Vancouver Island Real Estate Board President area would be much higher if there were more homes available. “We’ve been in a sellers’ market for several months now, with buyers snapping up available properties and multiple offers a common occurrence,” says Stromar. “But real estate is cyclical, and these conditions won’t last forever. If you’ve been thinking of selling, I strongly encourage you to take advantage of our current market situation.” Stromar adds that connecting with a local REALTOR® is especially crucial in a competitive housing market.