State of the Nanaimo real estate market for spring 2013
It’s early May and we are enjoying a lovely, warm spring here in Nanaimo.
I’ve spent some time reviewing local real estate statistics for the month of April 2013 as compared to April 2012.
The market is interesting to say the least. Absorption rates are showing us that the market has swung back to being a balanced market bordering on a seller’s market.
April was a very busy month! If you have been driving around Nanaimo over the past few weeks you may have noticed red and white SOLD signs all over the city. Business has been brisk.
I have compiled a little snapshot of stats below to show you what I mean by the Nanaimo real estate market being interesting.
Nanaimo real estate market at the end of April 2013 as compared to April 2012
4% fewer homes were listed this April as compared to April 2012
12% more homes sold this April than sold in April 2012
Selling price was down by 9% this year compared to April 2012
Based on the stats above you will see that we had many more sold homes this year than last but that the average selling price was quite a bit lower. Another notable point is that inventory levels were down this year.
The lower inventory levels and the brisk sales activity are what I believe has caused the market to shift from a buyer’s market to a balanced/seller’s market.
If you have been considering selling your Nanaimo home, NOW may be the time to get it listed. Inventory levels are low and there are buyers out there shopping for homes.
If you are a buyer shopping for a home in Nanaimo, NOW is not the time to wait. If you see a home you like I would advise you to write an offer. With low inventory levels and motivated buyer’s you may find you are competing for the home you want with other buyer’s. Multiple offer situations seem to occur more frequently in this type of market.
For additional information on the Nanaimo real estate market please contact me.