Nanaimo Real Estate Market Update: January 3rd to January 10th

The Nanaimo real estate market is settling into its early-January rhythm, and this week’s data reflects trends we’ve seen consistently in past reports. Inventory continues to tighten while motivated sellers begin listing ahead of the spring market, creating a focused and strategic environment for both buyers and sellers.

Active Listings and New Inventory

Total active listings dropped to 553 across Nanaimo and surrounding areas. At the same time, 64 new properties entered the market, led primarily by single-family homes. This combination signals growing seller confidence while maintaining relatively low competition.

New listings included 34 single-family homes, 8 condos, 14 townhomes, 6 mobile homes, and 2 land parcels.

Pending Sales and Buyer Activity

Buyer activity remained selective but steady, with 19 properties going pending. Of those, 7 sold at or above asking price, and 1 went firm in under 14 days. The remaining 12 sold under asking price. The average days on market for pending listings was 46 days.

Sold Listings and Market Performance

There were 32 completed sales this week. Only 3 sold at or above asking price, while 29 sold below asking, highlighting the importance of accurate pricing and preparation. Average days on market for sold listings reached 50 days.

Additionally, 9 listings expired or were canceled, often due to pricing misalignment or lack of early buyer interest.

Price Reductions and Best Buy

Fifteen sellers adjusted their prices this week. Notable reductions included 1421 Cranberry Ave with a 13.6% reduction and 6593 Kestrel Cres with a 10.0% reduction.

The standout opportunity this week is 2062 Waring Road in Cedar. Assessed at $820,000 and listed at $650,000, this property is priced 20.7% below BC Assessment.

Situated on a quiet no-through road, this private one-acre property offers a peaceful rural setting close to amenities. The primary residence includes an unauthorized suite, creating excellent rental income potential.

Market Insight and Seller Strategy

With inventory tightening and motivated buyers still active, sellers who price strategically are positioning themselves well ahead of the spring market. Reduced competition and motivated buyers make this an ideal time to prepare, price, and plan.

If you are curious about your home’s value or considering a move in 2025, I offer free 15-minute strategy sessions to help you understand your options.

Call or text: 250-961-0001
Email: john@nanaimohomesales.ca