Nanaimo real estate statistics- September 2011

Nanaimo real estate statistics- Sept 2011

What happened in the world of real estate in Nanaimo for the month of September, 2011?  Let’s have a look at some Nanaimo real estate statistics for last month. According to the stats it appears that the improvement that we saw in the local market in August carried through to September.

The Cumulative Residential Average Single Family Sale Price is up by 3% over September 2010.  The average sale price was $359,821 in September 2011 compared to $350,998 in September 2010.

The following are the single family market changes for September 2011 compared with September 2010

-  There were 199 units listed this September compared to 215 units in September 2010.  There were 7% fewer homes listed this September compared to September 2010.

-  23% more units were sold this September over September 2010

-  The average sale price per unit for September 2011 was 3% higher than September 2010

-  The average days to sell in September 2011 were 63 days compared with September 2010 which was 55 days.

-  The average unit sold in September 2011 received 95% of asking price.  This was the same as September 2010

The numbers above are encouraging.  It appears that the real estate market is improving in terms of activity.  However, we are still experiencing a buyer’s market.  Please see current absorption rates.  A real estate market is generally considered a  balanced market when there is five months of inventory on the market ( 20 weeks)  .  Based on my calculations this morning, the Nanaimo real estate market absorption rate is currently 28.98 weeks.

What does a buyer’s market mean to buyers and sellers?

A buyer’s market is just that – a great time to buy!  If you have been waiting to buy your first home in Nanaimo or to buy a second property as in investment; now is the time.  For seller’s it means that it is very important to list your home at fair market value and to take all the necessary steps to prepare your home to sell

For additional information regarding the Nanaimo Real Estate Market please contact me.