Lynn's Blog

Single family home sales in the Nanaimo Real Estate market as of Sept. 30, 2018

single family home

The Nanaimo real estate market is adjusting.  The good news is that the numbers appear to reflect that we are experiencing a balanced market.  A balanced market is a much more comfortable market for buyer’s than the seller’s market we have been experiencing over the past three years. Lower priced homes are still very competitive but once you reach the homes priced over $650,000 sales activity falls off.

What is a balanced market?

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

“The impact of the [mortgage] stress test is still being felt across the province,” said Brendon Ogmundson, BCREA deputy chief economist. “Lower demand as the result of higher mortgage rates and stringent mortgage qualification rules are bringing most markets around the province back into balanced conditions.”

Looking at the year-to-date sales as at Sept. 30, 2018 as compared to Sept. 30,2017, there was a decrease of 36% fewer homes sold and an increase of 8% in the average sale price of single-family homes.

This is the third consecutive month that we have seen a drop in the number of unit sales, so I believe it’s just a matter of time until we see some downward pressure on sales prices.

The average sale price for a single-family home at the end of September 2018 was $582,115 compared to $526,392 at the end of September 2017.  The number of active listings were up by 12% and the number of unit sales is down by 36%.

These numbers tell us that even though prices were up considerably at the end of September 2018 the number of sales is down and the number of houses being listed is up.  This reflects a softening in the market.

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 September 30, 2018:

 

 Lots

 $301,000

 Condos (Apts)

 $319,905

 Patio Homes

 $449,600

 Townhouses

 $338,112

 

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

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