Nanaimo Real Estate market from Jan 1-June 30 2014

Nanaimo Real Estate market from January-June 30 2014 – What sold and for how much?

Great news for the real estate market in Nanaimo - the market is definitely improving.  The first half of 2014, as compared to the first 6 months of 2013, showed increases in the number of sales and, albeit small, increases in the average sale price of single family homes.

I have reviewed VIREB sales numbers for the first six months of 2014. Most months I look at the sales from the previous month.  However, this month I am going to share the year-to-date numbers.  I believe that the year-to-date numbers will give us a more accurate reading of the current market.

1st half or 2014 as compared to the 1st half of 2013 – Single family homes:

•Inventory levels were lower in 2014 by 5% 

•Number of units sold were up by 17% in 2014

•Average sale price was up by 3% in 2014

•3% fewer days to sell a home in 2014

Knowing what is going on in the Nanaimo real estate market is important for both buyers and sellers.  For buyers looking at real estate in Nanaimo the main concerns are price, selection and timing.  For sellers intent on 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 and stats will assist both buyers and sellers navigate their way through their real estate transactions.

Below is the number of single family homes that sold in Nanaimo by month between Jan. 1st 2014- June 30 2014.

The following chart shows the single family average sell price per month for the first half of 2014

This final chart shows the average selling cost of homes by Nanaimo neighbourhood between Jan. 1st 2014- June 30 2014.

For additional information on the Nanaimo real estate market please give me a call.