March 2022 Nanaimo Real Estate Statistics
March statistics have been published by VIREB and we are seeing encouraging signs of increased inventory! While we are seeing a minor decrease in the amount of listings for single family detached homes from March of 2021, when we combine single family, townhomes, condos and land, we are seeing an increase of inventory compared to March of 2021. Futhermore, month over month, we have seen property inventory increase of 57%! More inventory means more options for buyers when they are looking to make offers on their new home. More inventory has also helped to spread out offers across more properties meaning that fewer properties are seeing 10 or more offers and changing the competitive landscape of the Nanaimo Real Estate market.
While increased inventory does help to regulate the market, we are still seeing that there is a higher demand than the current supply which contributes to the fact that homes, on average, are selling for 5.87% over the list price1. This also contributes to the rising average home price, which for the month of March was $970,961. A 30% increase from March of 20211.
The BC government announced new legislation last week in an effort to provide better protection to buyers in these situations, but at this time have not offered details as to what this will look like. When more details become available we will provide updates on what we believe this will do to the Nanaimo market.
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1Statistics based on VIREB's single family detached home sales for the month of March, 2022.