Nanaimo real estate statistics-May 2013

Nanaimo real estate statistics-May 2013

The real estate market in Nanaimo is definitely improving.  May was the second month in a row where we saw an increase in sales of single family homes.  In fact, in May 2013 we also saw the average single family home price rise 2% over May 2012.

Here is a review of real estate in Nanaimo for the month of May 2013 

Nanaimo real estate statistics for single family homes

The average sale price was $357,443 in May 2013 compared to $349,554 in May 2012.

The following are the single family market changes for May 2013 compared with May 2012

-  There were 239 units listed this May compared to 254 units in May 2012. – Down by 6%

-  There were 122 units sold this May compared to 109 sold in May 2012 – Up by 12%

-  The average sale price per unit for May 2013 was 2% higher thanMay 2012

-  The average days to sell inMay 2013 were 50 days compared with May 2012 which was 45 days.

-  The sell/list ratio (how many listed homes actually sold) was 51% in May 2013 versus May 2012 which was 43%

What do these numbers tell us?

There were fewer homes listed this May than the year before, yet more homes sold this year versus last year. Additionally, houses were selling for 2% more money this year as compared to last May.

The above indicators are all a great sign for sellers.  Inventory levels are down yet unit sales are up as is the average selling price.

The other encouraging number for sellers is the sell/list ratio.  This percentage has gone up by 8 percentage points over the same time last year.  This indicates that there are fewer houses languishing on the market. 

Overall the market appears to be experiencing more of a balanced to a sellers’ market now. This is a change as Nanaimo has been experiencing a buyers’ market for at least 24 months.

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