Sellers Market Leveling Out in Parksville, Qualicum & Nanaimo
The housing market in Parksville, Qualicum Beach and Nanaimo is finally starting to look a bit more balanced. For months we saw a strong seller's market with incidences of multiple offers and quick sales. Now, real estate sales in the Nanaimo, Parksville area are a bit more realistic.
Although single-family sales are down about 35% in Nanaimo, Parksville and Qualicum compared to November 2017, average sale prices are still on the rise (46% in Port Alberni). Depending on the community, the market favours sellers in the $425,000 range. By the same token, buyers looking for luxury properties will have more selection and less competition. As always, if the home is over priced, it will take longer to sell.
Average Sale Prices for Single-Family Homes in the Nanaimo Area
How Much Have Homes Gone up in Your Area?
When the sale price is predicted in a certain area for a general property this is called the benchmark price. The Housing Price Index determines the benchmark price and it is given based on criteria that is commonly found in other properties in the same area. This could be considered a typical sale price and by no means does it take the lower end or higher end properties into account. This is based on housing types for one & two storey homes, townhouses and condominiums.
The following chart shows how benchmark prices have changed in the last 5 years in Zones 1 through 10 on Vancouver Island.
Benchmark Home Prices in Nanaimo, Parksville, Qualicum and the Surrounding Area
If you have questions about your home's value, or seeking information about a particular area, we'd be happy to help. Don't hesitate to contact Denise at 250.248.9996 or send a quick message.