Nanaimo Real Estate Market Update - July 2023

by John Cooper

 

July 2023

It's getting hot in here! The hot weather has arrived right alongside the hot market. That being said, I believe this weather might remain hotter for longer than the market. June was busy as sellers raced to take advantage of the spring market, and buyers raced to secure a home before the next interest rate hike. As we enter the second half of 2023, I expect the Vancouver Island real estate market to slow down marginally into 2024. I predict a slow but healthy market that will last into 2024 and beyond. I am optimistically forecasting our market to slow down but not crash. Values will hold but not escalate. Supply and demand will remain balanced. This is a good time to make plans and set a path for your ideal envisioned future. I am here to help you fill your plans with accurate data, free from manipulative sales tactics. If you require that kind of assistance, please reach out anytime and for any reason.

- John Cooper
 

July 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 July 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 July 2023 Market Update, click the video window below!

 

Nanaimo Real Estate Market Update July 2023

Most Recent Market Statistics (June 2023)*

Vancouver Island (not including Victoria) 
424 single-family homes sold. Average price: $788,743 (down 5% from 12 months to date, this year over last). Single-family unit sales volume is down 25%. Average days on market increased by 96% to 45 days. The average condo sold for $405,056. Condo unit sales are down 38%, 12 months to date. Condos have seen a 55% increase in days on market. Average days to sell is 45 days. The average row/townhouse sold for $559,064. Row/townhouse unit sales are down 30% 12 months to date. Row/townhouses have seen a 80% increase in days on market. Average days to sell is 45 days. Lot sales volume is down 51%. Lot prices have decreased by 19%, 12 months to date. Average lot sale price: $429,910. FULL REPORT HERE

Nanaimo

117 single-family homes sold. Average price: $818,056 (down 7% 12 months to date, this year over last). Single-family unit sales volume is down 33%. Average days on market has increased by 106% to 37 days. The average condo sold for $431,888. Condo unit sales are down 40%, 12 months to date. Condos have seen a 85% increase in days on market. Average days to sell is 37 days. The average row/townhouse sold for $547,366. Row/townhouse unit sales are down 37% 12 months to date. Row/townhouses have seen a 105% increase in days on market. Average days to sell is 39 days. Lot sales volume is down by 60%. Lot prices have decreased by 32%, 12 months to date. Average lot sale price: $498,942. FULL REPORT HERE. 

Parksville/Qualicum 

61 single-family homes sold. Average price: $916,663  (down 4% 12 months to date, this year over last). Single-family unit sales volume is down by 14%. Average days on market increased by 138% to 38 days. The average condo sold for $415,289. Condo unit sales are down 34%, 12 months to date. Condos have seen a 39% increase in days on market. Average days to sell is 32 days. The average row/townhouse sold for $636,615. Row/townhouse unit sales are down 22% 12 months to date. Row/townhouses have seen a 140% increase in days on market. Average days to sell is 36 days. Lot sales volume is down by 79%. Lot prices have increased by 12%, 12 months to date. Average lot sale price: $559,295. FULL REPORT HERE. 

Cowichan Valley

88 single-family homes sold. Average price: $780,585 (down 6% from 12 months to date, this year over last). Single-family unit sales volume is down 21%. Average days on market increased by 135% to 51 days. The average condo sold for $336,687. Condo unit sales are down 28%, 12 months to date. Condos have seen a 218%% increase in days on market.  Average days to sell is 47 days. The average row/townhouse sold for $556,510. Row/townhouse unit sales are down 26% 12 months to date. Row/townhouses have seen a 113% increase in days on market. Average days to sell is 49 days. Lot sales volume is down 31%. Lot prices have decreased by 27%, 12 months to date. Average lot sale price: $408,263. FULL REPORT HERE. 

*waterfront homes are not included in the monthly statistics 

 
 
 
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