Nanaimo real estate statistics- November 2011
Nanaimo real estate statistics- November 2011
The numbers are in! Here is a review of real estate in Nanaimo for the month of November, 2011. Let’s have a look at some Nanaimo real estate statistics for last month.
The Cumulative Residential Average Single Family Sale Price is up by 4% over November 2010. The average sale price was $361,210 in November 2011 compared to $348,368 in November 2010.
The following are the single family market changes for November 2011 compared with November 2010
- There were 131 units listed this November compared to 124 units in November 2010. There were 6% more homes listed this November compared to November 2010.
- 11% fewer units were sold this November over November 2010
- The average sale price per unit for November 2011 was 4% higher than November 2010
- The average days to sell in November 2011 were 66 days compared with November 2010 which was 64 days.
- The average unit sold in November 2011 received 95% of asking price. This was 1% higher than in November 2010
Even though there were fewer sales in single family homes in November 2011 the average selling price was 4% higher than last year. Below you will find the average cost for a single family home by Nanaimo neighbourhood.
I find these numbers encouraging. A rising average price per home sold is a good sign. 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 28.57 weeks. As an aside -This rate is 3.25 weeks more than the absorption rate this time last month.
What does a buyer’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 in 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.
Every Nanaimo buyer, seller, property, and neighbourhood has its own details. Ask Lumen for a quick next-step answer, check the latest market stats, or send your question to The Dan Morris Real Estate Team for personal guidance.