Nanaimo real estate statistics- July 2011
The numbers are in for July. VIREB recently released the Nanaimo real estate statistics from July 2011. According to the stats it appears that there are still fewer buyers than sellers. In other words the market is still favouring buyers.
The Cumulative Residential Average Single Family Sale Price is 7% lower than July 2010. The average sale price was $354,077in July 2011 compared to $382,672. In July 2010.
The following are the single family market changes for July 2011 compared with July 2010
- There was exactly the same number of units listed this June as in June 2010.
- 18% fewer units were sold this July compared to July 2010
- The average sale price per unit for July 2011 was 7% lower than July 2010
- The average days to sell in July 2011 were 50 days compared with July 2010 which was 42 days.
It appears that we are still experiencing a buyer’s market!
What does a buyer’s market mean to a buyer?
A buyer’s market is just that – a great time to buy! If you have been waiting to buy your first home in Nanaimo or to buy a second property as in investment; now is the time.
Advice to seller’s in a buyer’s market:
· Do not over price your home - Pricing at fair market value is even more important now than ever if you wish to get your house sold. Buyer’s currently have a lot of choices when they are out house hunting. They are educated and know what houses are priced properly and which ones are not.
· Heed your Realtor – Part of my job as a Realtor is to advise my clients on ways to make their homes more saleable.
For additional information regarding the Nanaimo Real Estate Market please contact me.