Nanaimo Real Estate as of November 30, 2011 - What’s selling and for how much?

Nanaimo Real Estate as of November 30, 2011 - What’s selling and for how much?

The Nanaimo real estate sales numbers are in for the month of November, 2011.  How do you analyze the Nanaimo real estate market?  This is a very important question for both buyers and sellers.  For buyers looking at real estate in Nanaimo the main concerns are price, selection and timing.  For people selling their Nanaimo home the important factors are timing, level of inventory (competition) on the market and how much they can ask for their home. I hope the following figures, stats and graphs may assist both buyers and sellers.

Here’s the type of real estate sold in Nanaimo in November (source VIREB):

Property Type    Number of unit’s        Average price

Single Family            79 units                  $361,210.

Condo (Apt)               13                             $179,900                        

Condo (Patio)               3                         $260,000

Condo (Townhouse)    19                            $232,000

Lots                               6                          $136,000

The single family home market in November was off a little from last November.  In fact, sells were 11% lower than they were this time last year.  The condo market was down by 13% in sales from last year.  However, sales of townhouses were up by 217% over last November. Patio home sales were also up over last year by 200%.

Overall the market is fairly steady for this time of year.  It is good to see a spike in condo/townhouse sales.  That market has been idling over the past year.  Now some of the surplus inventory is being absorbed.

The above information on the Nanaimo real estate market should assist both buyers and sellers with their due diligence.  For additional information on the Nanaimo real estate market please give me a call.