The running theme for 2016 in the Nanaimo real estate market has been low inventory, which reached a critical, record setting low point in August, as extreme demand has placed continual pressure on the local real estate market supply. Sales activity in Single Family Homes and Condos were up a whopping 42 and 87 percent respectively while townhomes saw solid sales growth of 17% compared with August 2015 In fact due to this continual strong summer market, inventory reached a full 38% lower then the low in July of 2015!
Nanaimo region is seeing a perfect storm due to the expensive Vancouver and Victoria markets triggering people to look elsewhere, low interest rates, retiring baby boomers coming to the island from all over Canada, and probably the best climate and scenery mix when considering any other location in the country. Continued record tourism seasons, and social media word of mouth have only put further focus onto the Nanaimo region which is still a relative discount compared to other local housing options.
August is usually a month where real estate sales tend to slowdown, but as inventory and demand have been so extremely polarizing, a very fast paced and active August was the result. See the full VIREB report for August HERE .
Buyers are effectively getting outbid, or outpaced in the competitive hunt for their ideal home. Sellers have a real opportunity to attract top dollars with the right property but also need very clear perspective and expectations regardless of the market pace. If you price too high, you will waste your time and potentially your opportunity to capitalize. You need a local expert in your corner with a proven track history of meeting and exceeding their clients' goals in a buying atmosphere that we are probably going to see extend into 2017. I look to continue to provide my expertise and determination for buyers and sellers in this extremely fast paced market. Let me be the difference in your corner! Contact me anytime, and we can get to work in your quest to buy or sell.
All My Best,