Nanaimo real estate statistics- March 2012

Nanaimo real estate statistics- March 2012

Here is a review of real estate in Nanaimo for the month of March, 2012. 

Nanaimo real estate statistics

The Cumulative Residential Average Single Family Sale Price is down by 5% over March 2011.  The average sale price was $349,806 in March 2012 compared to $368,354 in March 2011.

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

-  There were 224 units listed this March compared to 246 units in March 2011. 

-  There were 90 units sold this March compared to 115 sold in March 2011

-  The average sale price per unit for March 2012 was 5% lower thanMarch 2011

-  The average days to sell inMarch 2012 were 47 days compared withMarch 2011 which was 55 days.

-  The average unit sold in March 2012 received 96% of asking price.  In March 2011 the average unit sold for 97% of asking price

-  The sell/list ratio (how many listed homes actually sold) was 40% in March 2012 versus March 2011 which was 47%

So, there were fewer sales in single family homes in March 2012 and the average selling price was 5% lower than last year.  However, the inventory that sold was selling in a shorter period of time than sold last year.

The above numbers are off from last year.  However, working in the market place I am finding that sales are brisk.  Low interest rates are encouraging people to get into the market.  I have noticed over the past few weeks that when I am preparing home tours for clients; many of the homes we want to see have accepted offers on them.

Homes that are priced right are selling.

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 sellers- 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.