Market Overview: Signs of Stabilization Amid Lower Inventory
Total Listings: 103 (down from ~130 in May)
Reported Sales: 44
Sales-to-Listings Ratio: 43% (up from ~30% in May)
Despite macroeconomic headwinds and rising unemployment, the South Nanaimo market is demonstrating resilience. The increase in the sales ratio suggests a shift toward a more balanced and active market, with nearly half of all listings converting to sales.
Performance by Property Type
Single-Family Homes
Listings: 75
Sales: 34 (steady month-over-month)
Price Range:
High: 1285 College Drive – $1,067,000
Low: 626 Fourth Street – $400,000
Townhomes
Listings: 9
Sales: 4 (up by 1 from May)
Price Range:
High: #127, 600 Ninth Street – $597,000
Low: #15, 76 Mill Street – $280,000
Condos
Listings: 19
Sales: 4 (down by 1 from May)
Price Range:
High: #306, 360 Selby Street – $445,000
Low: #202, 315 Hecate Street – $350,000
Key Market Insights
Buyer Activity: Increased absorption rate despite fewer listings signals stronger buyer confidence.
Condo Segment: Older buildings – especially lower-floor units – are experiencing price compression. In
contrast, newer ocean-view units are maintaining value.
Inventory Outlook: Approximately 12-14 months of condo inventory remains.
Price Per Square Foot:
Average: ~$550/ft2
Sweet Spot: $500-$550/ft2 attracts ~50% of buyers and sells ~10 days faster.
9 out of 10 recent sales involved at least one price adjustment – highlighting the importance of strategic pricing.
Spotlight: Haliburton & Lumina
Lumina units are now available and active! Gillette and Associates has listed 4 units for sale with some being top-floor and a mix of ocean and city views! Contact us for more information today!
