Lynn's Blog

Single family home sales in the Nanaimo Real Estate market as of May 31, 2018

Single family home sales

There appears to be a softening in the Nanaimo real estate market as we move into the month of June. It still appears to be a seller’s market in the lower price ranges but is a more balanced market in the higher price ranges.

What does a seller’s market mean and what is a balanced market?

A seller’s market is a market where the seller has the upper hand or advantage. In a Seller’s market there are few homes available for sale while there is a large pool of buyer’s shopping the market.

A balanced market is where there is enough demand from buyers to equal the supply from sellers.

Looking at the year-to-date sales as at May 31, 2018 as compared to May 31 ,2017, there was a decrease of 21% fewer homes sold and an increase of 7% in the average sale price of single family homes.

The average sale price for a single-family home at the end of May 2018 was $563,218 compared to $526,646 at the end of May 2017. The number of active listings were up by 20% and the number of unit sales is down by 21% .

These numbers tell us that even though prices were up considerably at the end of May 2018 the number of sales are down and the number of houses being listed is up. I believe that if we continue to see this pattern that we will see downward pressure on house prices.

The following chart will give you an idea of what’s selling and for how much in other types of properties.

Average prices for other property types in Nanaimo, year-to-date, as of May 31 2018:

 

Lots

$249,023

Condos (Apts)

$272,239

Patio Homes

$427,110.

Townhouses

$329,511

For more information on the current state of the Nanaimo real estate market please watch my video.

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