Nanaimo Real Estate market for the year 2013 – What happened?

Nanaimo Real Estate market for the year 2013 – What happened?

Another year has come and gone, the Holiday season is behind us, the days are getting longer (slightly) and we are now writing 2014 on our correspondence.  

The beginning of a new year is a great time to review what happened in the real estate market in Nanaimo over the past 12 months.  

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 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. 

VIREB has calculated the Nanaimo real estate sales numbers for the year 2013.  

Below are the types of real estate sold in 2013 (source VIREB) in Nanaimo:

Property Type    Number of unit’s        Average price

Single Family            1130 units                  $352,309.

Condo (Apt)               174                    $218,331

Condo (Patio)               64                          $276,807

Condo (Townhouse)    172                     $227,500

Lots                     64                          $154,770

The single family home market in 2013 was up from 2012.  In fact, sells were 11% higher than they were in 2012.  The condo market was down by 8% in sales from last year.  Sales of townhouses were up by a significant 25% over 2012. Additionally, patio homes sales were up by 16% in 2013 over 2012.

Overall the market in 2013 was strong with the one exception being condo sales.  The spring market was slow but both the summer and fall markets were busy.  

One interesting statistic, which pertains more to sellers than to buyers, is the Sell/List ratio.  The Sell/List ratio is the percentage of houses that were listed that actually sold.  In 2013 the Sell/List ratio was 57% versus 46% in 2012.  This means that 57% of all the houses listed in 2013 were sold.  The other 43% either expired or are still on the market

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