Nanaimo real estate statistics- February 2012

Nanaimo real estate statistics February 2012

Here is a review of real estate in Nanaimo for the month of February, 2012.  Let’s have a look at some Nanaimo real estate statistics for last month.

The Cumulative Residential Average Single Family Sale Price is down by 4% over February 2011.  The average sale price was $349,668 in February 2012 compared to $363,400 in February 2011.

The following are the single family market changes for February 2012 compared with February 2011

-  There were 209 units listed this February compared to 223 units in February 2011. 

-  The identical number of units were sold this February as did in February 2011

-  The average sale price per unit for February 2012 was 4% lower thanFebruary 2011

-  The average days to sell inFebruary 2012 were 58 days compared withFebruary 2011 which was 68 days.

-  The average unit sold in February 2012 received 96% of asking price.  In February 2011 the average unit sold for 95% of asking price

-  The sell/list ratio ( how many listed homes actually sold) was 46% in February 2012 versus February 2011 which was 43%

Even though there were fewer sales in single family homes in February 2012 the average selling price was 4% higher than last year. 

I am finding the numbers to be encouraging.  WE seem to have reached  balanced market over the past month.  Please see current absorption rates.

A real estate market is generally considered a  balanced market when there is 5-6 months of inventory on the market .  Based on my calculations this morning, the Nanaimo real estate market absorption rate is currently 21.76 weeks. 

What does a balanced market mean to buyers and sellers?

A balanced market is just that – a great time to buy and to sell! 

Advice to buyer’s – If you find the right house act quickly.  This is not the time to wait.  We have been experiencing multiple offer scenarios more often these days.

Advice to seller’s- If you list your home at fair market value and take all the necessary steps to prepare your home to sell it will sell.  It is just a matter of time.

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