Real Estate in Nanaimo - Absorption rates for January 2015

Real Estate in Nanaimo - Absorption rates for January 2015 The latest real estate stats were released today, by the Vancouver Island Real Estate Board, for January 2015.  With help from my calculator I calculated the real estate in Nanaimo absorption rates as of the end of January 2015. The definition of absorption rates is the number of weeks it takes to sell the current real estate inventory in Nanaimo at the present rate of sales. I thought it would be interesting to calculate the absorption rate to see how it compares to this time last year. The absorption rate of single family homes in Nanaimo in January 2015 compared with January 2014 January 2015 – 11.14 weeks or 2.78 months to sell the inventory that was currently on hand at the end of January January 2014 – 13.96 weeks or 3.49 months to sell the inventory that was currently on hand at the end of October What does this tell us? If market conditions do not change and if no new listings come on the market it will take 2.78 months for the current inventory to sell at the current pace of the market.  A balanced market’s absorption rate is typically between 5 – 7 months.  The number of 2.78 months indicate that we were experiencing a Seller’s Market in January 2015. For additional information on absorption rates and other stats on the state of the Nanaimo real estate market please give me a call.

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