As of today, I am officially a parent of 2 high school students. The excitement is real, as my 2 girls get prepared for their introduction to school. Just like my girls getting ready for school, many of my clients are getting ready to take action during this fall market. This is the best time to be making a move since 2018. Balanced market conditions are conducive to successful moves as buyers and sellers have equal leverage in negotiations and fair outcomes are easier to come by. The last few years have only been favourable to developers, flippers and anyone cashing out. The market we are in now is ideal for owner-occupiers who want to make calculated moves that mitigate their risk of hasty or high-pressure decisions. You do not have to look very far right now to find examples of people who were pressured into purchase decisions that they regret by overly optimistic advisors willing to ignore the warning signals from the market. Seeking qualified guidance is one of the most important objectives of anyone making a high-value real estate decision.

- John Cooper

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

Most Recent Market Statistics (August 2023)*

Vancouver Island (not including Victoria) 

324 single family homes sold. Average price: $785,566 (down 7% from 12 months to date, this year over last). Single-family unit sales volume is down 17%. Average days on market increased by 100% to 46 days. The average condo sold for $409,006. Condo unit sales are down 31%, 12 months to date. Condos have seen a 71% increase in days on market. Average days to sell is 48 days. The average row/townhouse sold for $563,297. Row/townhouse unit sales are down 18% 12 months to date. Row/townhouses have seen a 73% increase in days on market. Average days to sell is 45 days. Lot sales volume is down 38%. Lot prices have decreased by 21%, 12 months to date. Average lot sale price: $434,714. FULL REPORT HERE.

Nanaimo

83 single family homes sold. Average price: $814,367 (down 10% 12 months to date, this year over last). Single family unit sales volume is down 23%. Average days on market has increased by 95% to 37 days. The average condo sold for $433,256. Condo unit sales are down 35%, 12 months to date. Condos have seen a 95% increase in days on market. Average days to sell is 39 days. The average row/townhouse sold for $555,867. Row/townhouse unit sales are down 19% 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 53%. Lot prices have decreased by 38%, 12 months to date. Average lot sale price: $429,875. FULL REPORT HERE.

Parksville/Qualicum 

57 single family homes sold. Average price: $924,685  (down 5% 12 months to date, this year over last). Single family unit sales volume is down by 10%. Average days on market increased by 135% to 40 days. The average condo sold for $439,983. Condo unit sales are down 32%, 12 months to date. Condos have seen a 129% increase in days on market. Average days to sell is 39 days. The average row/townhouse sold for $652,197. Row/townhouse unit sales are down 21% 12 months to date. Row/townhouses have seen a 106% increase in days on market. Average days to sell is 35 days. Lot sales volume is down by 62%. Lot prices have increased by 17%, 12 months to date. Average lot sale price: $654,016. FULL REPORT HERE.

Cowichan Valley

63 single family homes sold. Average price: $781,325 (down 7% from 12 months to date, this year over last). Single-family unit sales volume is down 13%. Average days on market increased by 123% to 49 days. The average condo sold for $334,273. Condo unit sales are down 15%, 12 months to date. Condos have seen a 224%% increase in days on market.  Average days to sell is 55 days. The average row/townhouse sold for $552,014. Row/townhouse unit sales are down 9% 12 months to date. Row/townhouses have seen an 104% increase in days on market. Average days to sell is 49 days. Lot sales volume is down 36%. Lot prices have decreased by 24%, 12 months to date. Average lot sale price: $407,822. FULL REPORT HERE. 

*waterfront homes are not included in the monthly statistics 

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