Here we go! The Vancouver Island Convention Centre is almost complete, and Vancouver Island University is official. Nanaimo's Downtown is well on its way to revitalization. This is great news for Old City homeowners, and anyone considering a move to the Old City. The Old City QuarterlyTM will provide you with valuable insight in to the market trends that affect your neighbourhood.
The average sale price for single family homes sold in the Old City for the first part of 2008 was $309,617, based on the m.l.s. data provided by the Vancouver Island Real Estate Board. This is up 24% from the same time frame in 2007. For condominiums, average sale prices dropped, due mostly in part to a couple of high priced condominiums on Promenade Drive selling in the 2007 quarter (2007 highest sale price was $785,000, this is the second highest Old City condo sale on record). The median price for condo sales was up 8%. Also, in March 2008, we saw the Old City's second highest sale price on record ($388,500) on Kennedy Street.
Surprisingly to many Old City residents, Old City Quarter homes are still selling below the Nanaimo Average. This is expected to change as the popularity of well-serviced, urban downtown areas continues to swell across the continent.
I hope you enjoy this edition of the Old City QuarterlyTM. Please contact me to discuss any of your Old City Quarter or Nanaimo Real Estate questions. 250-754-1223.