Nanoose Real Estate Market Stats: August 2023 Update

Welcome to this edition of our BC real estate stats analysis, designed to help buyers and sellers make sense of the market in Nanoose, BC. As August 2023 wraps up, we have up-to-the-minute MLS data to aid you in making well-informed decisions in your real estate search.

Vital Stats At a Glance:

• Active Listings in August 2023: 37
• Sales in August 2023: 4
• Median Sale Price in August 2023: $1,400,000
• Average Days on Market in August 2023: 49

Active Listings

The number of active listings in Nanoose was 37 for August 2023, a slight increase from 32 in July 2023 but a modest drop from 40 listings in August 2022.

Number of Sales

Sales saw a considerable decline to just 4 in August 2023, down from 14 in July 2023. However, this was moderately lower than the 7 sales in August 2022, which could indicate a more challenging market for buyers.

Median Sale Price

The median sale price rose from $1,263,500 in July 2023 to $1,400,000 in August 2023. Although higher than July, it's noteworthy that this is slightly less than the median price of $1,500,000 in August 2022.

Average Days on Market

The average days on market increased to 49 days in August 2023, up from 32 days in July 2023 and slightly more than 44 days in August 2022.

What's Hot and What's Not?

For Buyers:

• High Prices, Fewer Sales: Elevated prices combined with lower sales numbers could make the competition intense for the few available homes.
• Market Time Increases: The longer average days on market may give buyers a tad more leeway in negotiations.

For Sellers:

• Pricing Power: Despite fewer sales, the higher median sale price suggests that well-positioned homes can still attract premium offers.
• The Waiting Game: With increased average days on market, patience and strategic pricing are crucial.

Expert Takeaways

The August 2023 stats paint a picture of a challenging market for both buyers and sellers in Nanoose, BC. With the median sale price showing fluctuation, it could be seen as an unstable terrain for those who are unprepared, but a lucrative opportunity for those with strategic planning.

“The number of active listings is going up, and the number of sales is down,” comments local Realtor Chandra Scheffers “Economics 101 would tell you that the market is continuing to shift a little.” 

Next Steps

Both buyers and sellers can benefit from a closer look at these numbers. They offer nuanced insights that could shape your next real estate move in Nanoose. For customized advice, feel free to reach out to us.

We’ll be back next month to break down more BC real estate stats for communities across Vancouver Island. Until then, all the best in your home buying or selling journey!

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