While July 2022 marked the start of declining real estate prices and transactions, the Nanaimo real estate market has been steadily recovering month over month, meaning all sectors of the Nanaimo real estate market have seen shorter days on market, sale prices closer (and sometimes over) the list price, and an increase to the average price comparing May to April of 2023. The month of May 2023 witnessed promising indicators that the market is getting back to where it was before the decline.
Imagine stepping into your backyard or kitchen and harvesting fresh herbs bursting with fragrance and flavour. Creating your own herb garden brings the joys of gardening and culinary exploration together, offering a rewarding experience that elevates your dishes and enhances your well-being. In this blog, we'll dive into the captivating world of herb gardening and share tips so you can have your own!
The rapid advancements in technology are continuously shaping our daily lives. One of the most significant impacts is the emergence of smart homes, which seamlessly integrate cutting-edge technology with real estate. Smart homes offer a plethora of benefits, from enhanced security and convenience to energy efficiency and cost savings. This article will explore the rise of smart homes, their key features, and the future of this technology-driven trend in the real estate industry.
VIFC's Hullo fast-ferry service is making waves in the transportation industry, connecting Nanaimo and Vancouver on a passenger-only ferry that will take you from downtown to downtown.
The Nanaimo real estate market saw a month over month decrease of 4.8% to the average single family home price from $793,790 to $763,134. While average price month over month can sometimes be an indicator of market direction, this statistic is limited not only by the inventory on that market during a period of time, but also by the transactions conducted during that same period. If the majority of homes sold in a period are at a higher price than the previous average looking only at the average price would indicate that home prices are on the rise even if comparable homes sold at a higher price in a different period where there were more lower priced transactions. In other words, the average house price is a very narrow field of view in looking at the direction the market is heading. While average price is important to understand, other market indicators paint a clearer, more reliable market forecast. Here are the factors that we believe are going to play the biggest part in guiding the Nanaimo real estate market.
Buying land and building your own home is a dream for many people. However, the process can be daunting, especially if you've never done it before. But don't worry, with some research and careful planning, you can turn your dream into a reality. Here are some insightful steps to follow:
From my perspective, Early 2023 reminds me of 2019 when it became more challenging to qualify for a mortgage. Everyone was wondering if the market would pick up in the spring, and I must say that this year feels similar.
Imagine having your very own private retreat just steps away from the hustle and bustle of daily life. That's exactly what modern sheds offer homeowners - a unique and functional outdoor space that can be transformed into anything from an artist's studio to a home office. Not your typical shed used for storing your garden equipment or tools. Modern sheds have become increasingly popular in recent years as people seek to expand their living space and create their own little creative haven outside of their homes. In this article, we'll explore the growing trend of modern sheds and how they're being used to enhance people's lives.
The average single family home price in Nanaimo held steady from January to February. February saw more buyers return to the market. While this resulted in a 30% increase in transactions compared to January, this is still a decrease of 40% from February of last year. The number of homes listed in February decreased by 9% month over month and 37% from February 2022.
In this month’s market stats update we will look at what these changes in supply and demand could mean for the Nanaimo real estate market as we head towards the spring market.
In today’s world, it's becoming increasingly important to design and construct homes that are energy-efficient and environmentally sustainable. One approach that's gaining traction is passive home design, which relies on smart building techniques and cutting-edge technology to create homes that require minimal energy to heat and cool.
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