Nanaimo Real Estate Market Stats: November 2023 Update

Welcome to the latest edition of our Nanaimo, BC Single Family Homes Market Report for November 2023. Whether you're a prospective buyer, seller, or simply curious about the local real estate landscape, this comprehensive analysis of the Nanaimo market will provide you with the most up-to-date insights based on national MLS data. Join us as we dive into the numbers and trends that define the current state of single-family homes in this beautiful city on Vancouver Island.

Key Metrics for Nanaimo’s Single-Family Homes

Metric

Nov-23

Oct-23

Nov-22

Number of Active Listings

313

347

341

Number of Sales

65

55

61

Median Sale Price

$828,000

$790,000

$784,000

Average Days on Market

33

32

31

Number of Active Listings

In November 2023, there were 313 active listings for single-family homes in Nanaimo. This number has seen a slight decrease compared to October 2023 when there were 347 active listings. It is also a drop compared to November 2022 when there were 341 active listings. This decrease indicates a shift in the market dynamics, possibly due to seasonal factors or changes in buyer and seller behavior.

Number of Sales

The number of sales in November 2023 increased to 65, up from 55 in October 2023. This indicates a healthy level of buyer activity in the Nanaimo single-family home market. While November 2023's sales exceeded October 2023, they were still slightly below the 61 sales recorded in November 2022.

Median Sale Price

The median sale price for single-family homes in Nanaimo reached $828,000 in November 2023. This represents a noticeable increase compared to October 2023 when the median sale price was $790,000. Moreover, it continues the positive year-over-year trend, as November 2023's median sale price surpassed November 2022's median price of $784,000. This uptick in median sale price suggests that Nanaimo remains an attractive destination for homebuyers and investors alike.

Days on Market

The average days on market (DOM) for single-family homes in Nanaimo in November 2023 was 33 days. While this is slightly higher than October 2023's DOM of 32 days, it's important to note that the market remains competitive, with homes selling relatively quickly. The average DOM in November 2022 was 31 days, showing a stable trend in terms of how long it takes to sell a single-family home in Nanaimo.

What Does This Mean for You?

In summary, the Nanaimo real estate market for single-family homes continues to show signs of strength and stability. Despite a slight decrease in active listings, there is strong buyer interest, leading to an increase in sales. Furthermore, the rising median sale price suggests that property values are appreciating, making it an excellent time for sellers. If you're considering buying or selling a single-family home in Nanaimo, now is an opportune moment to take advantage of the current market conditions.

If you have any questions or would like more information about the Nanaimo real estate market, please don't hesitate to reach out to our expert team. We're here to help you make informed decisions in this dynamic market.

Stay tuned for our next market update, and thank you for choosing us as your source for Nanaimo real estate insights!

Data sourced from National MLS as of December 2023. All information is believed to be accurate but is not guaranteed and should be independently verified.  

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