Real Estate in Nanaimo - Absorption rates for December 2011
The Nanaimo real estate statistics for December 2011 have been calculated. One of the key indicators on how the Nanaimo real estate market is doing is the absorption rates.
My numbers came 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.
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 December 2011 absorption rate is slightly higher than it was last month. In other words it is taking slightly longer to absorb (or sale) the entire inventory currently on the market.
The absorption rate of single family homes in Nanaimo in December 2011 compared with December 2010
December 2011 – 31.55 weeks to sell the inventory that was currently on hand at the end of December.
December 2010 – 27.23 weeks to sell the inventory that was currently on hand at the end of December
From the numbers above you will see that homes in December 2011 were selling at a slower pace than they were at the same time the year before. A declining figure indicates that the inventory is decreasing as more homes are being sold than are coming onto the market. In turn a rising absorption rate indicates that there are more homes coming on the market than there are buyers looking to buy. The numbers above would indicate that we experienced a slower market in December than the same time last year.
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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