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Patio home Report North Nanaimo & Uplands

By Lynn Donn

Real Estate Agent with Royal Lepage Nanaimo Realty

March 26, 2015 05:46 AM

Patio home Report

North Nanaimo & Uplands Spring 2015

Most real estate market reports we hear on the news pertain to the single family home market. What about other property types such as patio homes?

Real estate transactions vary by property types and by neighbourhood. This report is based on a review of the six largest patio home complexes in North Nanaimo and the Uplands area and covers the time period from March 1 2014 to March 23 2015.

I reviewed the past twelve months of sales for these six complexes and calculated the average sales price by complex.

Sales info. on patio homes On average these patio homes received 97% of asking price over the past twelve months.

In order to get a true read on the market we need to delve a little deeper and calculate the current absorption rate for patio homes. The definition of absorption rates is the number of weeks it takes to sell the current real estate inventory of patio homes at the present rate of sales.

March 1 2015 – Absorption rate is 16 weeks or 4 months to sell the patio home inventory that was currently on hand at the end of February

What does this tell us?

If market conditions do not change and if no new listings come on the market it will take 4 months for the current inventory to sell at the current pace of the market. A balanced market’s absorption rate is typically between 5 – 7 months. Inventory levels of 4 months indicate that we are currently experiencing a Seller’s Market in the patio home property type.

What is a seller’s Market?

Demand for properly priced Patio Homes in Nanaimo outweighs supply. In other words there are more buyers than there are homes.

If you’ve been thinking about selling your home; this spring may be the time to do it. As the numbers above show, it’s a good market for sellers!

Sellers pre-selling book As a Nanaimo Realtor, familiar with the Patio Home Market, I offer my clients the following complimentary pre-market services: