The Nanaimo real estate market as of October, 2013

The Nanaimo real estate market as of October, 2013

Nanaimo home sales are up and inventory levels are low.  October was the third straight month to reflect this trend.

There were 22% more single family homes sold this October than sold in October 2012.  

The following numbers compare October 2013 real estate sales activity to the same month in 2012. They reflect the Percentage of changes for the number of units listed, sold and average sell price for single family homes, condos and townhouses in Nanaimo.  

Single Family homes

Units listed – 11% fewer homes listed 

Units sold – 22% more homes sold

Average sale price – Up by 7%

Condos 

Units listed – 40% fewer condos listed 

Units sold – 62% more condos sold

Average sale price – Up by 2%

Townhouses

Units listed – 37% fewer townhouses listed 

Units sold – 42% more townhomes sold

Average sale price – Up by 4%

The above numbers conclude the following:

-Sale prices are up in all property types

-In all property types the number of unit sales went up

-The number of units listed is down in all property types.

Pros & Cons:

Cons- For buyers; this type of market can be a little frustrating.  The inventory levels are low, which means there are more buyers looking at each available listing.  My advice to buyers is; if you see a house you like, make an offer or you may find that it has been sold.

Pros- Numbers like this bode well for sellers.  If a home is listed at fair market value the chances of getting it sold are very good.  

For additional information on the Nanaimo real estate market, please give me a call.