Sellers Adjusting, Buyers Negotiating

If you’ve been following my updates, you know that the Nanaimo market has been shaking off the winter chill. Compared to the steady benchmark prices we saw in February, this mid-March window (March 8–15) shows a market where "motivation" is the biggest driver.

By The Numbers

We currently have a healthy selection of 706 homes to choose from. While we saw 37 successful sales close this week, the average time on market is stretching to 55 days for sold listings. This tells us that while the "hot" properties move in under two weeks, others are taking a bit more patience and strategy to cross the finish line.

Strategic Price Drops Smart sellers are reacting to the market in real-time. This week, 26 families adjusted their prices to find their buyer.

• 2700 Ritten Rd: Down $150,000 (an 8.1% drop).

• 4132 Emerald Woods Pl: Adjusted from $749k to $724k (a 3.3% drop).

The Luxury & Development Peak

For those looking at the high end, 7555 Fernmar Rd in Lantzville remains the crown jewel. Listed at $8,900,000, this 18.5-acre parcel is a rare opportunity to shape a new coastal community just minutes from North Nanaimo.

Featured Ocean View Home – 10333 Chemainus Rd

Along with the latest market activity, I’d like to highlight one of the most beautiful homes currently available in the area.

Built in 2023, this custom home offers over 4,300 sq. ft. of living space with 4 bedrooms, 5 bathrooms, a gym, office, and multiple outdoor living areas. The open-concept design features a chef’s kitchen with a large quartz island, a striking fireplace, and a wall of windows capturing the stunning ocean views.

Enjoy your morning coffee on the covered deck, relax in the primary suite with a private balcony, or entertain on the upper sundeck with wet bar. The walk-out lower level includes a rec room, bedrooms, gym, and bar, perfect for guests or extended family.

If you know someone looking for an ocean view home on Vancouver Island, feel free to connect us. If your referral leads to a successful sale, I’ll have a special gift for you as my way of saying thank you.

If you’d like more information or a private tour (virtual or in person), feel free to reach out anytime.

Why This Matters for You The data shows that 30 out of 37 sales closed below asking price this week. For buyers, there is room to breathe and room to negotiate. For sellers, your "hook" and your presentation matter more than ever.

Don't navigate this alone. I’m offering a limited number of 15-minute Strategy Sessions this week to help you access off-market properties and understand the true value of your home in today's shifting landscape.

[Get the Full Market Report & Sold Prices Here] Email: john@nanaimohomesales.ca

Disclaimer: This report is for informational purposes only. Data was collected from VIREB statistics and is subject to change. For specific advice regarding your real estate needs, please consult with a licensed professional.