October 2017 Nanaimo Real Estate Market Report

Published By: on October 11th, 2017 in Category Nanaimo Real Estate
Published By: on October 11th, 2017 in Category Nanaimo Real Estate

Written on October 11, 2017

 

It’s now official – the tide is turning in the Nanaimo Real Estate Market.

The Vancouver Island Real Estate Board (VIREB) has published its statistics for September and there is a clear trend emerging. I have never been a person who is naturally drawn to statistics, but these ones have real life consequences for the families we work with, and that makes the monthly stats very interesting and relevant.

For the past 3 years we have seen our inventory go lower and lower, month after month there were fewer homes for sale. At the same time it seemed like the whole world had discovered Nanaimo. The demand for homes has steadily risen with sales increases every month. The result has been a very challenging market for Buyers- there was so little available and so much competition! Prices have been rising, sometimes by the week! The low inventory has had a snowball effect – on itself. People were afraid to sell their homes in case they had nowhere to move to – nothing to buy! The lower the inventory, the more frighten home owners were to venture out there. Gridlock!

Finally, in August 2017 we saw a reversal of this trend. For the first time in 3 years (maybe longer) there were more new listings than the previous year. Also, there were fewer sales than in 2016. Higher supply and lower demand (instead of lower supply and higher demand) have caused the market to begin to balance, and cause the rise in prices to begin to slow.

September stats have shown the same reversal – we now have an official trend.

Experts are not expecting a big drop in prices, just a slowing down of the increases.

A balanced market is one where the Buyer demand and the supply of homes for sale are approximately equal. A more balanced market will be a healthier market for everyone. Buyers can make better decisions when they are not rushed into making offers they are not ready for. When Buyers make more informed decisions, the deals go better for the Sellers too.

We expect the overall buyer demand for properties in Nanaimo to continue to be high. Nation-wide, baby-boomers are looking for fair-weather cities where they can buy for under $600,000. Nanaimo may be the only city of that description left! This factor alone will keep the Buyers coming to Nanaimo.

It’s time for us all to take a breath and enjoy a more civilized pace of business. That makes it a great time to list your home. Call us for more information:
Love Real Estate Group, Marie Burrows and Lisa Martin with
Love Real Estate Group 778-486-9924
RE/MAX of Nanaimo
1-5140 Metral Drive Nanaimo BC
250-751-1223
“Each office independently owned and operated”

Testimonials

Marie and LOVE Real Estate Team are simply the best. Marie’s excellent advice, knowledge of all things house-related, her attention to detail, and outstanding commitment all factored into us getting the house of our dreams!

Throughout our experience working with Marie, she demonstrated her integrity time and again through her dealings with us and with other realtors. Throughout the process of looking for and purchasing our new home, she was patient, understanding, and an absolute pleasure to work with. We have come to trust her completely and we would highly recommend her to anyone.

Chris and Miki Flynn

I am a happy repeat client. Love Real Estate Group sold my two previous houses selling/buying and a lot purchase within a few years. She had lots of patience, listened to me and helped me figure out what do I want and what is the best for me. She was trying to find a real home for me and was not a just rush to push me to buy and move on type. I had a small budget to buy a lot to build on and Love Real Estate Group was an awesome negotiator. I went through many hurdles with these 3 sales and purchases. Every time I had an issue, Love Real Estate Group helped me out and I was able to carry on to get my home. Love Real Estate Group are not simply selling or buying a house for me, They made my dreams come true and can make yours come true as well. They are my tailor-fit realtors.

Eliah Kim