Despite the 2nd quarter of 2008 ending on a slower note, with total unit sales down for both single family homes and condos, single family home sale prices have still climbed 7% on average. Old City home sellers should also note that average days on market have increased by 13% compared to the 2nd quarter of 2007.
Despite the current short-term market slowdown, I firmly believe that the Old City Quarter is the best long-term real estate investment market in Nanaimo, and maybe even Vancouver Island. In short, as energy prices continue to rise, centrally located urban communities will become increasingly attractive to home buyers. Vehicle independent communities like the Old City Quarter are starting to get the attention they deserve - not great news for some the of vehicle dependent communities in North Nanaimo - but a positive trend for downtown Nanaimo living.
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.