Nanaimo Real Estate as of Sept 1 2012 - What’s selling & for how much?

Nanaimo Real Estate Market as of September 1 2012 - What’s selling & for how much?

The Nanaimo real estate sales numbers for the month of August, 2012 have been published. 

Here’s the type of real estate that sold in Nanaimo in August 2012 (source VIREB):

 Property Type    Number of unit’s        Average price

Single Family            68 units                   $341,434

Condo (Apt)               13                              $ 186,608             

Condo (Patio)              2                             $ 302,000

Condo (Townhouse)    9                             $240,613

Lots                               2                            $ 179,250

The single family home, unit sales were down this past August by 38% compared to August 2011 and unit price was down by 7% this year over last.  The following stats were also recorded for the month of August 2012:

   1.  Sale price/list price ratio was 95%- this means that the average home that sold received 95% of their asking price

   2.  Days to sell averaged 46 days. 

These numbers indicate fewer sales took place in August 2012 in single family homes and condos compared to August 2011.  Sale prices are also lower than August 2011.  Overall, the real estate market in Nanaimo was considerably slower this August compared to last.

How  does one analyze the state of 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.