Nanaimo real estate statistics- May 2011

Nanaimo real estate statistics- May 2011

The numbers are in for May. VIREB recently released the Nanaimo real estate statistics from May 2011. It definitely looks like the Nanaimo real estate market has become a buyer's market!

The Cumulative Residential Average Single Family Sale Price is 2% lower than May 2010.  The average sale price was $379,405. in May 2011 compared to $388,497. in May 2010.

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

- There were 16% fewer units listed this May than May 2010.

-  13% fewer units were sold this May compared to May 2010

-  The average sale price per unit for May 2011 was 2% less than May 2010

-  The average days to sell in May 2011 were 41 days compared with May 2010 which was 47 days.

According to the stats it appears that there are fewer buyers than sellers.  In other words we are in a buyer's market.

What does this mean to sellers?  My recommendation to sellers is:

•·   Do not over price your home - Pricing at fair market value is even more important now than ever if you wish to get your house sold.  Buyer's currently have a lot of choices when they are out house hunting.  They are educated and know what houses are priced properly and which ones are not.

•·   Heed your Realtor - Part of our job as a Realtor is to advise our clients on ways to make your home more saleable. 

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