Nanaimo Real Estate market for the year 2011 – What sold and for how much?
VIREB has calculated the Nanaimo real estate sales numbers for the year 2011. Reviewing these numbers can help you to analyze the Nanaimo real estate market.
Knowing what is going on in the Nanaimo real estate market is important for both buyers and sellers. For buyers looking at real estate in Nanaimo the main concerns are price, selection and timing. For people selling their Nanaimo home the important factors are timing, level of inventory (competition) on the market and how much they can ask for their home. I hope the following figures and stats will assist both buyers and sellers navigate their way through their real estate transactions.
Below are the types of real estate sold in 2011 (source VIREB) in Nanaimo:
Property Type Number of unit’s Average price
Single Family 1084 units $362,680.
Condo (Apt) 213 $217,160
Condo (Patio) 56 $272,734
Condo (Townhouse) 171 $260,300
Lots 64 $161,565
The single family home market in 2011 was off a little from 2010. In fact, sells were 4% lower than they were in 2010. The condo market was down by 11% in sales from last year. Sales of townhouses were also down by 7% from 2010. The one bright light in 2011, were the sales of patio homes, which were up by 24% in 2011 over 2010.
Overall the market in 2011 was fairly steady. The spring market was slow but both the summer and fall markets were busy.
One interesting statistic, which pertains more to sellers than to buyers, is the Sell/List ratio. The Sell/List ratio is the percentage of houses that were listed that actually sold. In 2011 the Sell/List ratio was 46%. This means that 46% of all the houses listed in 2011 were sold. The others either expired or are still on the market
For additional information on the Nanaimo real estate market please give me a call.
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