The Market

Nanaimo's market is more stable this year with lots of opportunities.

Property – lots, house and condominium - prices vary considerably, depending on location, style, and condition, with ocean views commanding top dollar. The annual average selling prices of single family homes and condominium apartments respectively over the last three years have been:  for 2005, $267,351 and $154,785; for 2006, $288,880 and $189,964 and for 2007, $343,186 and $214,406.

Recent average selling prices have been: for single family homes for July, $364,182 and $269,646 for apartment condominiums; for August, $372,669 and $225,867 respectively; and for September $353,707 and $214,529. From the first quarter of 2006 to the first quarter of 2008, the top two price brackets for sales have completely reversed; in 2006, about 45% of sales were in the $200,000 to $300,000 range with just under 30% of sales in the $300,000 to $400,000 range and now in 2008, about 43% of sales have been in the $300,000 to $400,000 range with about 26% in the $200,000 to $300,000 range. The market has slowed this summer and fall; a large inventory of properties means that sellers have to price carefully and there are some really good opportunities out there for buyers. 

We share our oceans and mountains with Victoria and Vancouver, but compared to them, our prices are still a bargain . . . And we don’t have their big-city congestion and traffic problems . . . And we have some amazing new developments underway in the rolling hills surrounding the city area! Nanaimo is becoming a lifestyle relocation destination for people of all ages from many different countries.

To receive a copy of the most recent Home Sales Map for Nanaimo (or surrounding areas), e-mail me at gbowen@coastrealty.com.

To find out a little about the various areas, check out http://www.retiretonanaimo.com/nanaimo_real_estate.php.

To view the latest market stats, see the Coast Realty site at http://www.coastrealty.com/markets/nanaimo.html.