Nanaimo real estate statistics- October 2011
Nanaimo real estate statistics- October 2011
The numbers are in! Here is a review of real estate in Nanaimo for the month of October, 2011. Let’s have a look at some Nanaimo real estate statistics for last month. According to the stats it appears that the improvement that we have seen in the local market over the last few months is continuing.
The Cumulative Residential Average Single Family Sale Price is up by 5% over October 2010. The average sale price was $356,453 in October 2011 compared to $338,374 in October 2010.
The following are the single family market changes for October 2011 compared with October 2010
- There were 175 units listed this October compared to 144 units in October 2010. There were 22% more homes listed this October compared to October 2010.
- 28% more units were sold this October over October 2010
- The average sale price per unit for October 2011 was 5% higher than October 2010
- The average days to sell in October 2011 were 59 days compared with October 2010 which was 58 days.
- The average unit sold in October 2011 received 95% of asking price. This was the same as October 2010
The numbers above are encouraging. It appears that the real estate market is improving in terms of activity. 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 25.95 weeks. As an aside -This rate is 3 weeks less 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.