Nanaimo Real Estate as of January 31, 2012 - What’s selling and for how much?

Nanaimo Real Estate as of January 31, 2012 - What’s selling and for how much?

The Nanaimo real estate sales numbers are in for the month of January 2012.  How do you analyze the Nanaimo real estate market?  This is a very important question for both buyers and sellers.  For buyers looking at real estate in Nanaimo the main concerns are price, selection and timing.  For people selling their Nanaimo home the important factors are timing, level of inventory (competition) on the market and how much they can ask for their home. I hope the following figures, stats and graphs may assist both buyers and sellers.

 Here’s the type of real estate sold in Nanaimo in January (source VIREB):

 Property Type    Number of unit’s        Average price

Single Family            62 units                  $360,799.

Condo (Apt)               10                             $187,565            

Condo (Patio)               3                         $274,967

Condo (Townhouse)    5                              $217,424

Lots                               5                          $161,780

 The single family home market in January was up by 13% over last year.  In fact, the single family home market has been quite busy since the New Year.  This may be due to the great mortgage rates available.

 However, sales of both condos and townhouses were down this January over last January. The condo market was down by 13% in sales from last year. 

Overall the market is fairly steady for this time of year.  It is good to see a spike in single family home sales.  That market has been idling over the past year.  Now some of the surplus inventory is being absorbed.

For additional information on absorption rates and other stats on the state of the Nanaimo real estate market please give me a call.