Nanaimo Real Estate Market Stats: August 2023 Update

Welcome to this monthly real estate market update for Nanaimo! This time, Nanaimo , BC is a vibrant Vancouver Island community that continues to attract homebuyers for its natural beauty and convenience central location. To give you the most accurate picture of the local single-family real estate market, we've gathered the latest national MLS data on single-family homes. So, let's get started!

Nanaimo By the Numbers

Here is a comparative snapshot of the Nanaimo single-family home market for August 2023, July 2023, and August 2022:

Number of Active Listings

The number of active listings for single-family homes in Nanaimo held steady at 323 from July to August 2023. However, this is lower than the 394 active listings recorded in August 2022. This decrease in inventory year-over-year indicates that the market is tighter than it was last year, despite remaining stable month-over-month.

Number of Sales

In August 2023, there were 84 sales, which is a noticeable drop from 107 sales in July 2023 but an increase from the 66 sales in August 2022. This could signify a seasonal fluctuation or perhaps an adjustment to the new market dynamics.

Median Sale Price

The median sale price in August 2023 was $795,500, very close to July’s $799,900 and last year’s $792,500. This stable median sale price suggests that while the market is active, we're not experiencing the dramatic price increases seen in years past.

Average Days on Market

The average time a home stayed on the market was 27 days in August 2023, slightly more than the 25 days in July 2023 and 24 days in August 2022. This slight uptick in days on market may imply that buyers are taking a bit more time to make decisions.

What Does This Mean for You?

For Home Buyers:

• Stable Prices: The relatively stable median sale price means that the market isn't as volatile, providing some assurance for buyers.
• Time to Decide: A slight increase in the average days on market may indicate you have a bit more time to make decisions, but it's still a quick-moving market.

For Home Sellers:

• Consistent Demand: While the number of sales has decreased from July 2023, it is still higher than August 2022, suggesting a consistent demand for homes.
• Strategic Pricing: With median prices remaining stable, setting the right price for your property will be crucial for attracting buyers in a timely manner.

Conclusion

The Nanaimo, BC single-family home market in August 2023 showed signs of stability in terms of pricing, with a slight slowdown in sales compared to July 2023. The market remains less saturated than it was a year ago, providing both opportunities and challenges for buyers and sellers alike.

“This has been an interesting August for the Nanaimo housing market,” said local Realtor Vittoria Solda PREC, “With the market more balanced than we’ve seen in years past, we feel like the decrease in sales activity in August may very well just be buyers taking he time to enjoy the last few weeks of summer.”

For a more in-depth conversation about how these numbers may impact your home buying or selling experience, feel free to reach out to us.

Stay tuned for next month’s Nanaimo market update. Happy home buying or selling!

Data Source: National MLS data, as of August 2023.