Nanaimo real estate statistics- August 2011

Nanaimo real estate statistics August 2011

It’s time to have a look at Nanaimo real estate statistics for the month of August ,2011. According to the stats it appears that there has been an improvement in the market over the past month.  It seemed really busy to me in August, and now the numbers prove that it was a good, solid month in real estate in Nanaimo.

The Cumulative Residential Average Single Family Sale Price is up by 5% over August 2010.  The average sale price was $365,537 in August 2011 compared to $348,930 in August 2010.

The following are the single family market changes for August 2011 compared with August 2010

-  There were 207 units listed this August compared to 191 units in August 2010.

-  21% more units were sold this August over August 2010

-  The average sale price per unit for August 2011 was 5% higher than August 2010

-  The average days to sell in August 2011 was 45 days compared with August 2010 which was 54 days.

-  The average unit sold in August 2011 received  96% of asking price compared to 95% of asking price in August 2010

The numbers above are encouraging.  It appears that the real estate market is improving in terms of activity.  However, we are still experiencing a buyer’s market.  Please see current absorption rates.  A real estate market is generally considered a  balanced market when there is five months of inventory on the market ( 20 weeks)  .  Based on my calculations this morning, the Nanaimo real estate market absorption rate is currently 32 weeks.

What does a seller’s market mean to buyers and sellers?

A buyer’s market is just that – a great time to buy!  If you have been waiting to buy your first home in Nanaimo or to buy a second property as an investment; now is the time.  For seller’s it means that it is very important to list your home at fair market value and to take all the necessary steps to prepare your home to sell

For additional information regarding the Nanaimo Real Estate Market please contact me.