Real Estate in Nanaimo - Absorption rates for March 2012
One of the key indicators on how the Nanaimo real estate market is doing is the absorption rate.
My numbers come from the latest real estate stats published by VIREB (Vancouver Island Real Estate Board). Based on the information they have supplied I have calculated the absorption rates for real estate here in Nanaimo as of the end of March 2012.
By tracking these numbers monthly it helps me understand better what type of real estate market Nanaimo is experiencing. In addition, these absorption rates assist me in advising my clients on realistic expectations on the length of time it will take to sell their home.
The definition of absorption rates is the number of weeks it takes to sell the current real estate inventory in Nanaimo at the present rate of sales.
The March 2012 absorption rate is higher than it was in February 2012. In other words it is taking more time to absorb (or sale) the entire inventory currently on the market.
The absorption rate of single family homes in Nanaimo in March 2012 was 26.68 weeks
Even though the absorbtion rate has risen from Feb 2012 we are still considered to be experiencing a balanced market.
The definition of a Balanced Market according to Realtor Magazine is:
A balance market has 5-6 months of inventory. eg: If 100 houses sell a month, there should be 500-600 houses in active inventory.
For additional information on absorption rates and other stats on the state of the Nanaimo real estate market please give me a call.
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