What exactly is happening in the Nanaimo real estate market?

What exactly IS happening in the Nanaimo real estate market?

If you are like me, you have been hearing doom and gloom reports about the Nanaimo real estate market.

There is no question that the market has been down over the last two months in relation to the same months the previous year.  However, in order to get an accurate view of how the market is actually doing we need to look at activity over a period of a year. 

I have drawn up the following chart to present a more accurate view of how the real estate market in Nanaimo is really doing.

I think the above numbers give a much clearer picture of what is going on with the Nanaimo real estate market.  In a nutshell:

1.      There were only 2% fewer homes listed year-to-date than were listed for the same period last year.

2.      There were 33 fewer homes sold this year –to-date than sold for the same period last year

3.      Average sale price is only down by 2% overall compared to year-to-date last year.

4.      Sell price/list price is equal.  This means that the average listing over each time period sold for 95% of asking price.

5.      It actually took, on average, 3 days less to sell a listing this year-to-date than the same period last year.

Reviewing the market activity over a 12 month period gives us a more accurate idea of what is really going on with the Nanaimo real estate market.  Overall , the market has not changed that much over the previous year.