Nanaimo Real Estate market for the year 2014

By
Real Estate Agent with Royal Lepage Nanaimo Realty

Nanaimo Real Estate market for the year 2014

It is now early January in Nanaimo.  It’s the perfect time to have a look back at what happened in the real estate market here in Nanaimo, over the past twelve months.
VIREB has calculated the Nanaimo real estate sales numbers for the year 2014. 

Knowing what is going on in the Nanaimo real estate market is important for both buyers and sellers.  For buyers looking at real estate in Nanaimo the main concerns are price, selection and timing.  For people selling their Nanaimo home the important factors are timing, level of inventory (competition) on the market and how much they can ask for their home. I hope the following figures and stats will assist both buyers and sellers navigate their way through their real estate transactions.

Below are the types of real estate sold in 2014 (source VIREB) in Nanaimo:

Property Type    Number of unit’s        Average sale price
Single Family            1230 units                $370,760.
Waterfront homes      33                            $689,784.
Condo (Apt)               221                            $214,974           
Condo (Patio)               54                           $285,487
Condo (Townhouse)    175                        $261,047
Lots                                133                        $165,832

The single family home market in 2014 was up by 9% in units reported sold compared to 2013.  The condo market had 27% more units sold in 2014 than last year.  Sales of townhouses were up marginally over 2013 with a 2% increase. The only property type that was down over last year were patio homes which were off by 16%

Overall the market in 2014 was fairly strong.  Average sale prices increased in all property types except for condo apartments.

Property Type                                 % of change in sale price from 2013
Lots                                                      + 7%
Single Family                                     + 5%
Condos ( Apt.)                                    - 2%
Condos ( Patio homes)                     + 3%
Condos ( Townhouses)                    + 5%

One interesting statistic, which pertains more to sellers than to buyers, is the Sell/List ratio.  The Sell/List ratio is the percentage of houses that were listed that actually sold.  In 2014 the Sell/List ratio was 60% which was up by 3% over 2013.  This means that 60% of all the houses listed in 2014 were sold.  The others either expired or are still on the market

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

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Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Lynn Donn Very informative report on your market activity and it is clear, buyers still prefer single family homes for their home ownership choice. Good Selling in 2015!

Jan 06, 2015 01:31 AM #1
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Rainmaker
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Lynn Donn

Homes for Sale in Nanaimo BC
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