December 2019 Nanaimo Real Estate Market Stats
This December 2019 Nanaimo Real Estate Market Stats, summarize what’s happening in the real estate market in your area. The Nanaimo real estate market stats that analyze the Vancouver Island real estate market north of the Malahat. These Nanaimo real estate market stats can be useful in establishing trends when applied over a period of time.
*Keep in mind that the information does not indicate the actual value of any particular property.
2019 Housing Market Ends With No Surprises
December 2019 Nanaimo Real Estate
Sales of single-family homes in December increased by 40 per cent from one year ago and were 24 per cent lower than in November. Last month, 237 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 312 in November and 169 one year ago.
Trend-wise, VIREB’s housing market is balanced in most areas and inching towards a buyers’ market in a few zones. Overall, however, home sales and listing activity are at typical levels for our region. REALTORS® across the Island are reporting that there is interest among buyers, but many are taking a wait-and-see approach.
“Lack of inventory is certainly curtailing some buyers from moving ahead with their home purchase, so if you’re thinking of selling your home, now is a good time to list.”
Kaye Broens, 2019 VIREB President, says the recent release of home assessments tends to create confusion for consumers, who are not always aware that the assessed figure is based on data that is several months old and may not reflect current market value.
- Apartment sales in December rose by 68 per cent year over year. Active listings rose by 10 per cent (270 to 298) year over year. The year-over-year benchmark price rose by four per cent, hitting $304,600, which was three per cent higher than in November.
- Townhouses sold dropped by 20 per cent from one year ago. townhouse inventory dropped by 35 per cent (148 to 96). The benchmark price of a townhouse last month rose by two per cent year over year and was slightly higher than in November, climbing to $408,500.
Annual sales of single family homes in 2019 totalled 4,119, a nine per cent drop from 2018’s 4,539 sales. Inventory last month was virtually the same as in December 2018 (937 to 934) but dipped by 19 per cent from November 2019. The benchmark price of a single-family home board-wide was $518,000 in December, a five per cent increase from one year ago and marginally higher than in November. (Benchmark pricing tracks the value of a typical home in the reported area.)
- Campbell River single-family home in the last month was $423,900, an increase of two per cent over December 2018.
- Comox Valley single-family home benchmark price reached $528,600, up by four per cent from one year ago.
- Duncan reported a benchmark price of $484,700, an increase of six per cent from December 2018.
- Nanaimo benchmark price rose by four per cent to $562,000 in December,
- Parksville-Qualicum area saw its benchmark price increase by one per cent to $583,400.
- Port Alberni reached $324,500 in December, a nine per cent increase from one year ago.
Whether you’re buying or selling a home, a REALTOR® can help you cut through the confusion around home prices. They have access to tools and market analytics that will help determine an optimal selling price for your home, and find a property that fits your budget.
Find out what your home may be worth in today’s market.
If you require specific information on property values please contact one of our REALTORS® or call (250) 751-1223.