I have been reviewing the Nanaimo Real Estate stats published by VIREB (Vancouver Island Real Estate Board). The single family home market was quiet during the month of February in comparison to the same time last year. On February 28, 2015 the average single family sale price was the same as it was at the end of February 2014 but year-to-date it is up by 5%. The average sale price was $372,183 year to date as of Feb. 28, 2015 compared to $354,416, year to date at the end of February 2014. The following are the single family market changes for February 2015 as compared with February 2014 - There were 179 units listed this February compared to 175 units in February 2014. Up by 2%. - There were 15% fewer single family homes sold this February than sold in February 2014 - The average days to sell in February 2015 were 40 days compared with February 2014 which was 50 days. - The average unit that sold in February 2015 received 97% of asking price which was identical to Feb. 2014 - The sell/list ratio (how many listed homes actually sold) was 49% in February 2015 versus 58% in February 2014 - The total number of active listings of single family homes, at the end February 2015, was 382 homes which was considerably lower than Feb. 2014 when there were 432 active listings. The market for single family homes in February was quieter than last year; however the homes that were sold were taking 20% fewer days to sell. Inventory levels were lower than the year previously. Overall the market is active and it looks like it will be strong spring market in all property types.
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