Nanaimo Home Values in February 2024

Avg Home Prices
  • Vancouver Island: $844,196 l North Island: $391,667 l Comox Valley: $947,555 l Cowichan Valley: $812,181 l Pacific Rim: $583,496 l Parksville & Qualicum: $1,064,865 l Nanaimo: $847,984 l Campbell River: $766,992 l Surrounding Islands: $580,000 l Chemainus: $620,000 l Cobble Hill: $872,500 l Cowichan Bay: $872,000 l Crofton: $653,000 l East Duncan: $823,850 l Honeymoon Bay: $809,750 l Ladysmith: $877,500 l Lake Cowichan: $624,667 l Mill Bay: $1,117,000 l Shawnigan Lake: $764,000 l West Duncan: $722,576 l Youbou: $450,000 l Kelsey Bay & Sayward: $375,000 l Port Hardy: $260,000 l Port McNeill: $540,000 l Central Campbell River: $641,571 l North Campbell River: $994,900 l South Campbell River: $715,000 l West Campbell River: $674,950 l Willow Point: $835,154 l Town of Comox: $914,294 l City of Courtenay: $780,250 l East Courtenay: $1,006,786 l North Courtenay: $1,407,450 l South Courtenay: $1,019,267 l West Courtenay: $662,500 l Crown Isle in Courtenay: $1,248,850 l Cumberland: $911,250 l Merville & Black Creek: $916,400 l Union Bay & Fanny Bay: $820,000 l Brechin Hill in Nanaimo: $515,000 l Cedar: $1,075,000 l Central Nanaimo: $643,067 l Chase River Area of Nanaimo: $756,300 l Departure Bay in Nanaimo: $871,286 l Diver Lake in Nanaimo: $828,967 l Extension area in Nanaimo: $520,000 l Hammond Bay in Nanaimo: $1,111,875 l Lower Lantzville: $935,000 l North Jingle Pot: $1,189,000 l North Nanaimo: $1,035,136 l Old City Nanaimo: $601,333 l Pleasant Valley in Nanaimo: $689,967 l South Jingle Pot in Nanaimo: $761,000 l South Nanaimo: $681,870 l University District in Nanaimo: $904,648 l Uplands in Nanaimo: $672,528 l Upper Lantzville: $1,366,500 l Bowser & Deep: $1,014,000 l Fairwinds: $1,321,650 l French Creek: $1,079,750 l Nanoose: $1,525,500 l Parksville: $929,070 l Qualicum Beach: $896,764 l North Qualicum: $880,000 l Alberni Valley: $720,000 l Port Alberni: $541,018 l Ucluelet: $783,000 l
Nanaimo Real Estate Market Reports
Mar 1 /
Jason Anson /
0
Real estate market update for February 2024 in Nanaimo, featuring a 'SOLD' sign with Jason Anson's contact information and social media handles. Graphic includes statistics comparing average selling price, new versus active listings, and number of properties sold along with days on the market compared to the previous year. Below, a call to action invites to call or text a phone number for inquiries.
Insights into the Nanaimo real estate market for February 2024, showcasing growth with current statistics and Jason Anson’s contact details for potential clients.

February 2024 marks a pivotal moment for Nanaimo’s real estate market, with a discernible shift in home values and overall market dynamics. This report delves into the intricate movements within the market, comparing data from the current and previous years to unveil emerging trends. The Vancouver Island Real Estate Board’s data forms the backbone of our analysis, shedding light on the evolving landscape of Nanaimo’s real estate scene.

Market Overview of February 2024

The real estate market in Nanaimo has experienced substantial activity, reflecting broader economic trends and local market forces. Factors such as interest rates, economic indicators, and local development projects continue to shape the market’s trajectory. In February 2024, the market showed resilience with an increase in units listed and sold, hinting at a robust demand for housing in the area.

Detailed Analysis

Comparative Activity by Property Type for February 2024

  • Units Listed: A surge in listings was observed, with a 13.44% increase compared to last year, indicating a more vibrant market.
  • Units Reported Sold: The market saw a healthy uptick in sales, with a 15.45% increase, suggesting strong buyer interest.
  • Sell/List Ratio: This ratio saw a marginal improvement, indicative of a balanced market dynamic.
  • Reported Sales Dollars: A notable increase in sales dollars points towards higher transaction values and market vitality.
  • Average Sell Price/Unit: The average selling price per unit rose, reflecting an upward trend in home values.
  • Median Sell Price: The median sell price experienced a slight adjustment, offering insights into pricing trends.
  • Sell Price/List Price Ratio & Days to Sell: Stability in the sell price/list price ratio, combined with reduced days to sell, signifies an efficient market.

Impact on Buyers and Sellers

This dynamic market landscape presents varied opportunities and challenges for buyers and sellers. Buyers face a competitive market, underscored by rising home values and reduced days on the market. Sellers, on the other hand, benefit from increased valuation and buyer interest, but must navigate pricing strategies effectively to capitalize on market conditions.

Regional Highlights

Nanaimo’s market nuances are reflected in its regional diversity, with certain areas experiencing heightened activity and others showing more stability. This segmentation underscores the importance of localized market intelligence for informed decision-making.

Market Insights

Emerging trends, such as the growing interest in specific property types and neighborhoods, along with legislative changes and infrastructure projects, are shaping buyer and seller behaviors. These insights are crucial for stakeholders to understand the market’s direction and potential future shifts.

Listings and Sales Volume

The increase in listings and sales volume signals a vibrant market, with February 2024 setting a precedent for the year’s market activity. These trends provide a gauge of market health and momentum.

Pricing Trends

The upward movement in average and median sale prices indicates a market with growing home values, driven by demand and inventory levels. This trend is vital for understanding market valuation and investment potential.

Market Efficiency

Improved market efficiency is evident through reduced days on the market and a stable sell price/list price ratio. These indicators reflect a market that is effectively matching buyers with sellers.

Additional Considerations

The broader financial market and upcoming trends suggest a cautious optimism for Nanaimo’s real estate market. Sub-market analysis reveals unique opportunities within specific areas of Vancouver Island, highlighting the importance of targeted insights.

Conclusion

February 2024 has been a defining month for Nanaimo’s real estate market, marked by increased home values and improved market efficiency. These trends not only signify a healthy market but also present opportunities and considerations for buyers, sellers, and investors. As the market continues to evolve, personalized insights become invaluable for navigating the complexities of real estate transactions.

🔍 Seeking market insights? Discover how trends can benefit you!

🏠 Thinking of Buying or Selling? Explore your options.

📲 Call or Text: 1-250-252-SOLD

For Expert Advice, visit https://jasonanson.ca/book-a-call/

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