Nanaimo Real Estate Market Update - June 2023

by John Cooper

June 2023

“Balanced market conditions that slightly favour sellers”.

In one sentence, that is what's going on in the Vancouver Island real estate market. Accurate information is the most important ingredient for success in this sensitive market. Clearly and confidently understanding when the best time to introduce your home to the market is, and precisely what the price should be is not a decision to guess at. Getting it right in June can be the difference between selling inside of 2023 or waiting or the market to return in 2024. June is a critical success month for buyers, sellers, and agents.

I love this time of year. June is so special to me that I named my youngest daughter after this month. Sure, it was one of the only names we agreed on, but a special month to me nevertheless. June brings the excitement of summer to our senses and encourages us to dream about a future filled with nature's warmth and time with family and friends. June is also one of the busiest months of the year for real estate advisors. Many agents will earn over 40% of their annual income in the months of May and June.

I hope to see you out in the wild on our wonderful island in 2023.

- John Cooper, Personal Real Estate Corporation

250-619-9207

john@coopergroup.ca

June 2023 Nanaimo Market Update

As we all know, making informed decisions starts with having access to accurate information. Therefore, I am pleased to present the Nanaimo Real Estate Market Update for June 2023. This update offers a comprehensive snapshot of the current market conditions, and I invite you to watch the video to gain valuable insights.

If you have any questions or require further information, please do not hesitate to reach out. As always, I am here to provide my insights and help you make informed decisions in the Nanaimo real estate market!

To watch the June 2023 Market Update, click the video window below!

Most Recent Market Statistics (May 2023)*

Vancouver Island (not including Victoria)
488 single-family homes sold. Average price: $790,245 (down 4% from 12 months to date, this year over last). Single-family unit sales volume is down 27%. Average days on the market increased by 100% to 44 days. The average condo sold for $405,213. Condo unit sales are down 43%, 12 months to date. Condos have seen a 40% increase in days on the market. Average days to sell is 42 days. The average row/townhouse sold for $561,988. Row/townhouse unit sales are down 34% 12 months to date. Row/townhouses have seen a 65% increase in days on the market. Average days to sell is 43 days. Lot sales volume is down 58%. Lot prices have decreased by 17%, 12 months to date. Average lot sale price: $432,994.
FULL REPORT HERE.

Nanaimo
116 single-family homes sold. Average price: $818,762 (down 6% 12 months to date, this year over last). Single-family unit sales volume is down 34%. Average days on the market have increased by 100% to 36 days. The average condo sold for $432,945. Condo unit sales are down 47%, 12 months to date. Condos have seen a 71% increase in days on the market. Average days to sell is 36 days. The average row/townhouse sold for $551,228. Row/townhouse unit sales are down 46% 12 months to date. Row/townhouses have seen a 111% increase in days on the market. Average days to sell is 40 days. Lot sales volume is down by 62%. Lot prices have decreased by 35%, 12 months to date. Average lot sale price: $498,757. FULL REPORT HERE.

Parksville/Qualicum
70 single-family homes sold. Average price: $913,550 (down 4% 12 months to date, this year over last). Single-family unit sales volume is down by 15%. Average days on the market increased by 164% to 37 days. The average condo sold for $420,729. Condo unit sales are down 39%, 12 months to date. Condos have seen a 15% increase in days on the market. The average days to sell is 30 days. The average row/townhouse sold for $649,392. Row/townhouse unit sales are down 17% 12 months to date. Row/townhouses have seen a 129% increase in days on the market. Average days to sell is 32 days. Lot sales volume is down by 79%. Lot prices have increased by 5%, 12 months to date. Average lot sale price: $533,977. FULL REPORT HERE.

Cowichan Valley
86 single-family homes sold. Average price: $778,069 (down 5% from 12 months to date, this year over last). Single-family unit sales volume is down 27%. Average days on the market increased by 125% to 45 days. The average condo sold for $348,267. Condo unit sales are down 28%, 12 months to date. Condos have seen a 194% increase in days on market. Average days to sell is 47 days. The average row/townhouse sold for $574,596. Row/townhouse unit sales are down 30% 12 months to date. Row/townhouses have seen an 88% increase in days on market. Average days to sell is 45 days. Lot sales volume is down 43%. Lot prices have decreased by 22%, 12 months to date. Average lot sale price: $550,442. FULL REPORT HERE.

*waterfront homes are not included in the monthly statistics