What's selling in Nanaimo Real Estate as of October 31, 2011
What's selling in Nanaimo Real Estate as of October 31, 2011
How do you analyze the Nanaimo real estate market? This is a very important question for both buyers and sellers. For buyers looking at real estate in Nanaimo the main concerns are price, selection and timing. For people selling their Nanaimo home the important factors are timing, level of inventory (competition) on the market and how much they can ask for their home. I hope the following figures, stats and graphs may assist both buyers and sellers.
Here’s the type of real estate sold in Nanaimo in October (source VIREB):
Property Type Number of unit’s Average price
Single Family 96 units $356,453
Condo (Apt) 10 $199,308
Condo (Patio) 4 $241,500
Condo (Townhouse) 17 $277,190
Lots 5 $172,100
The single family home market was fairly strong in October. In fact, sells were 28% higher than they were this time last year. However, the condo, townhouse, patio home market remains soft and sales are in line with what they were this time last year.
The graph below shows how many single family home sales took place, by Nanaimo neighbourhoods, from January 1st 2011, - October 31, 2011. The following three areas of Nanaimo experienced the most sales- 1. North Nanaimo, 2. South Nanaimo 3. Departure Bay.
