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Nanaimo real estate Market update – Condos

Condo sellers market

Nanaimo real estate Market update – Condos

We are now at the end of September and three quarters the way through 2016 which makes it a great time to have a look back at what has happened with the Nanaimo condo market over the past 9 months.

Upon reviewing the stats supplied by VIREB ( Vancouver Island real Estate Board) and comparing them to the same time last year, we are able to get a strong feel for the current state of the condo market here in Nanaimo.

The following data compares the market stats for the month of August 2016 against stats for the month of August 2015:

  •  8% fewer units were listed for sale August 2016 than in August 2015
  • 63% more condos sold in August 2016 than sold in August 2015
  • Sell to list ratio was up by 50% August 2016 as compared to August 2015
  • Average sale price was up 7% in August 2016 compared to August 2015
  • Sell price/list price was 98% in August 2016 and 95% in August 2015

Current Absorption Rate in Nanaimo for the condo market

Absorption rate is one of the key indicators on how the Nanaimo real estate market is faring.  It tells us the rate at which properties are selling.

The definition of absorption rates is the number of months it takes to sell the current real estate inventory in Nanaimo at the present rate of sales.

August 2016 – The current absorption rate is 7.58 weeks to sell the inventory that is presently on hand

 

Months of Inventory

 Seller's Market

 under 4 months

 Balanced Market

 4 - 6 months

 Buyer's Market

 over 6 months

 

 

 

 

 

 

 

 

With an absorption rate of 7.58 weeks it is evident that the condo market in Nanaimo is experiencing a Seller’s market.  The definition of a Sellers’ Market, according to the Real Estate Board of Greater Vancouver, is a market that has less than 4 months of inventory available.

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