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 778-557-6583
RE/MAX of Nanaimo
1-5140 Metral Drive Nanaimo BC
250-751-1223
“Each office independently owned and operated”

Testimonials

My wife and I bought a house through Love Real Estate Group and we are very happy with the entire process. They are thorough, honest, diligent and hard working. It was easy to discuss various options with them and we felt comfortable at all times working with them. We’ve since recommended them to friends and will continue to do so.

Martin and Apple McGeough

We really appreciated Lisa’s help finding the perfect condo for us in Nanaimo. Lisa was a pleasure to work with, responding promptly, cheerfully and efficiently to even the smallest request. She worked tirelessly to get us familiar with different neighbourhoods and to consider different options. Even after the sale was completed successfully – which she facilitated professionally and expeditiously – she was always available to help. Working with Lisa was a great experience.

Alison MacPhail