Nanaimo Real Estate Market Update: November 2nd – November 9th

Hello Nanaimo! The fall real estate market is staying active as motivated sellers adjust their prices and buyers take advantage of opportunities before the holidays. Whether you're watching trends or preparing to make your next move, here’s what happened this week across Nanaimo, Lantzville, and nearby communities.

Market Snapshot

• Active Listings: 757
• New Listings: 45 (26 Single Family Homes, 8 Condos, 6 Townhomes, 2 Mobile Homes, 3 Land Parcels)
• Pending Sales: 37 — 6 closed at or above asking in under 14 days, 31 sold under asking
• Sold Listings: 34 — 6 at/above asking, 28 below asking
• Average Days on Market: 50
• Expired/Canceled Listings: 37

Price Drops: Motivated Sellers in Action

Twenty-four sellers adjusted their prices this week, signaling a competitive fall market with room for negotiation. Some notable reductions include:

• 6891 Harwood Dr, Lantzville: Reduced from $1,149,000 to $999,000 (⬇️ 13%) after 31 days on the market.
• 762 Albert St, Nanaimo: Reduced from $699,900 to $539,900 (⬇️ 22.8%) after 163 days on the market.
• 435 Watfield St, Nanaimo: Reduced from $800,000 to $749,900 after 101 days on the market.

Highlight of the Week: Best Buy

2547 Doctors Rd — Assessed at $954,000, now listed at $724,900 (⬇️ 24% under assessment value).

This stunning new 5-unit luxury townhome complex offers sweeping ocean and mountain views. One of four two-storey duplex units, this home features bright and open main living with engineered hardwood floors, a modern kitchen with stainless steel appliances, stone countertops, and custom cabinetry. A cozy dining nook and welcoming living room with an electric fireplace open onto a private patio with a gas BBQ hookup — perfect for entertaining. The 11’x16’ primary suite features a walk-in closet with custom shelving and a spa-like ensuite with heated tile floors and a custom-tiled shower. The ideal blend of modern elegance and coastal comfort.

Most Expensive Listing

3887 Gulfview Dr — Listed for $2,495,900

This custom-built 5,107 sq. ft. masterpiece spans three levels and includes five bedrooms, eight baths, and five ocean-view decks. Featuring over-height ceilings, glass railings, two gas fireplaces, radiant in-floor heating, and a private elevator, this home defines luxury living. With a legal suite and premium finishes throughout — from engineered wood to K2 Stone accents — it’s truly one of Nanaimo’s most remarkable homes.

Market Insights

The Nanaimo real estate market continues to shift toward balance. Active listings dipped slightly, but buyer demand remains consistent. With 24 price reductions and 37 expired or canceled listings, sellers are clearly responding to evolving conditions. Homes priced right are still moving quickly — particularly those under $1 million or in move-in-ready condition.

Average days on market held steady around 50, showing healthy buyer activity despite the seasonal slowdown. As interest rates stabilize and inventory tightens heading into winter, now is a strategic window for sellers to stand out before the spring surge.

Strategy Session: Your Next Move

Why do some homes sell in under 14 days while others sit for months? It comes down to smart pricing, market timing, and professional presentation. I’m offering a FREE 15-minute consultation to help you:

• Position your home to sell in 32 days or less
• Access off-market listings before they hit MLS
• Negotiate the best deal in today’s changing market

📞 Call/Text: 250-961-0001
📧 Email: john@nanaimohomesales.ca

Let’s make your next move a smart one. Whether you’re buying, selling, or investing, I’m here to guide you through Nanaimo’s dynamic real estate market with proven local expertise.

Information sourced from the Vancouver Island Real Estate Board (VIREB).