How was the real estate market in Nanaimo in August 2013?

How was the real estate market in Nanaimo in August 2013?

With summer drawing to a close here in Nanaimo, it’s time to see how the real estate market really fared in August.  It was a very active market for me and many of the other Realtors I spoke to.  Additionally, there were SOLD signs all over town. It certainly felt busy, but I was curious to see what the actual sales data had to say.

I spent the morning with my calculator and the statistical data I receive from the Vancouver Island Real Estate Board.  Happily, there is no doubt that the market was busy and sales were up considerably over August 2012.  Interestingly, sales were up in single family homes but also in condos, townhouses and patio homes.  The strata market has been languishing for several years now.  It is nice to see that there is a bit of a recovery in that market as well.

Here is what I learned:

Single Family homes –
1.  27% fewer homes listed August 2013 compared to August 2012
2.  62% more homes sold August 2013 as sold in August 2012
3.  76% of listings sold this August compared to 34% of listings sold in Aug. 2012
4.  6% higher average sale price in August 2013 compared to August 2012

Noteworthy changes in the strata market

1.  54% more condos sold August 2013 compared to August 2012
2.  11% higher average sale price in August 2013 compared to August 2012 in condos
3.  8%  higher average sale price in August 2013 compared to August 2012 in Patio homes
4.  1% higher average sale price in August 2013 compared to August 2012 in townhouses

This is the fourth consecutive month of improvement here in the Nanaimo real estate market.  In fact, according to the absorption rate I have just calculated, we are experiencing a sellers’ market.

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