Lynn's Blog

The Nanaimo real estate market as of Sept 30, 2013

The Nanaimo real estate market as of Sept 30, 2013

As I was reviewing the Nanaimo real estate marketSeptember sales stats, I noted that the numbers supported what I had been noticing in the marketplace. Sales are up and inventory levels are low.  

There were 57% more single family homes sold this September as compared to September 2012.  This is a massive increase!  However, single month stats do not always reflect the true state of the market.  To get a true feel for the state of the Nanaimo real estate market, one would need to look at year-to-date numbers.

Nanaimo homes for saleThe following numbers reflect the past 12 months to date as compared to the same 12 months last year. They reflect the Percentage of changes for the number of units listed, sold and average sell price for single family homes, condos, townhouses and patio homes in Nanaimo.  

Single Family homes

Units listed – 10% fewer homes listed 

Units sold – 4% more homes sold

Average sale price – Down by 1%

Condos 

Units listed – 24% fewer condos listed 

Units sold – 18% fewer condos sold

Average sale price – Up by 3%

Townhouses

Units listed – 10% fewer townhouses listed 

Units sold – 24% more homes sold

Average sale price – Up by 8%

Patio homes

Units listed – 19% fewer patio homes listed 

Units sold – 24% more patio homes sold

Average sale price – Up by 8%

The above numbers conclude the following:

- Sale prices are down by only 1% in single family homes but are up by 3%-8% in the condo, townhouse and patio home markets.

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

- The number of units listed is down in all property types.

- The condo market is the only market where units sold were down.  This is offset by the decrease in number of condos listed.

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 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.

For additional information on the Nanaimo real estate market, please contact me.

 

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