July marked a shift in Nanaimo’s luxury real estate market, with the first monthly decline in available inventory this year. A reduction in listings, combined with an uptick in sales, has created a more balanced landscape in the high-end segment.
Currently, approximately 35 properties in Nanaimo meet our luxury criteria—down from 40 active listings in June. The most notable new listing is an estate property at 1432 Kaz Court, situated on over two acres adjacent to Westwood Lake Park, with an asking price of $2,969,000.
Only 2 new luxury properties were introduced to the market in July, a significant drop from 8 the previous month. On the sales side, 4 transactions closed in July, doubling the two recorded in June. The highest sale was 2920 Hammond Bay Road, which we highlighted in last month’s update. Initially listed at $2,950,000, this property successfully changed hands in July.
The July market data indicates a transition from a more buyer-leaning market to a more balanced one. With a decrease in inventory and an increase in sales, the luxury segment is showing signs of renewed momentum. This shift could lead to more competitive conditions for buyers and a stronger position for sellers as we head deeper into the summer.
