The real estate market in Nanaimo is heating up beyond expectations as we move into late January. We are seeing a LOT of bidding wars again, more so than at any point in 2020, I believe. I’ll quantify that a bit below.
First, let’s quickly summarize the 2020 statistics for single-family detached homes in Nanaimo:
- 12.88% more homes sold in 2020 vs. 2019 (1306 vs. 1157)
- The average sale price increased 8.82% - from $562,175 in 2019, to $616,588 in 2020
When the pandemic was declared in March 2020, there was speculation of a general market crash and many people thought that home prices would fall. Activity slowed through April, but then it all picked up and it barely slowed down since, even through the Christmas…