The Nanaimo real estate market as of October 31, 2014

The Nanaimo real estate market as of October 31, 2014

Nanaimo home sales are up and inventory levels are still low.  There were 19% more single family homes sold this October as compared to October 2013 and year-to-date this number is at 9%.  

One very interesting stat showed up this October with the average single family home sale receiving 101% of asking price.  Most months, for the past few years, have had a sell price to list price ratio of 94-96%.  101% indicates that many homes were receiving full asking price or better.

The following numbers highlight October 2014 real estate sales activity as compared to the same month in 2013. They reflect the percentage of change for the number of units listed, sold and average sell price for single family homes, condos and townhouses in Nanaimo.  

Single Family homes

Units listed – 17% more homes listed 

Units sold – 19% more homes sold

Average sale price – Up by 33%  

Condos

Units listed – 15% fewer condos listed 

Units sold – 115% more condos sold

Average sale price – Down by 22%

Townhouses

Units listed – 29% more townhouses listed 

Units sold – 18% fewer homes sold

Average sale price – Up by 10%

The above numbers conclude the following:

- Sale prices are up in all property types except in condos

- In all property types the number of unit sales went up except in townhouses

Pros & Cons:

Con- For buyers; this type of market can be a little frustrating.  The inventory levels are low, which means there are more buyers looking at each available listing.  My advice to buyers is; if you see a house you like, make an offer or you may find that it has been sold.

Pros- Numbers like this bode well for sellers.  If a home is listed at fair market value the chances of getting it sold are very good.  

For additional information on the Nanaimo real estate market, please give me a call.