It’s that time again to have a look at current trends in
real estate in Nanaimo. I spent some time this morning looking at the latest real estate stats published by VIREB( Vancouver Island Real Estate Board). Based on the information they have supplied I have calculated the absorption rates for real estate here in Nanaimo. This information helps me understand the real estate market in Nanaimo and where it is headed.
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.
The market was a little slow this past spring and early summer. However, the market picked up in late summer. I thought it would be interesting to calculate how many weeks it would take to absorb the current amount of inventory.
The absorption rate of single family homes in Nanaimo in August 2011
Single Family Homes
August 2011 – 32.42 weeks to sell the inventory that was currently on hand at the end of August
By tracking these numbers monthly it helps me understand better what type of real estate market Nanaimo is experiencing. In addition these absorption rates assist me in advising my clients on realistic expectations on the length of time it will take to sell their home.
For additional information on absorption rates and other stats on the state of the Nanaimo real estate market please give me a call.