Category Archives: Real Estate Market Update

Sept 2017, Market Stats, Nanaimo Real Estate

September 2017 Nanaimo Market Update

The September 2017 Nanaimo Market Update shows 511 single-family properties sold on the MLS® System compared to 527 last September, a decrease of three per cent. Sales declined by five per cent from August, which saw 540 single-family homes change hands.

Nanaimo Market Update September 2017

However, as in previous months, we attribute these slight decreases to inventory shortages rather than a cooling market.

There were only 1,233 single-family homes for sale in September 2017, down by three per cent from last year.

What to type of Market is it?

With a sales-to-active-listings ratio of around 32 per cent, the VIREB market is firmly in sellers’ territory.

Last month, the benchmark price of a single-family home in the VIREB area rose to $462,500, up 18 per cent from one year ago. Apartments and townhouses also saw rising benchmark prices board-wide in September, up 30 per cent and 23 per cent respectively from the previous year.

Additional details are provided in our comprehensive stats package, available here. You may also find our September 2017 infographic helpful if you’re looking for a visual snapshot of sales highlights for our board area.

Market Update Summerized

Nanaimo’s Real Estate Market Update summarized what’s happening the the real estate market in your area.

Monthly Nanaimo real estate market stats that analyze the Vancouver Island real estate market north of the Malahat. These Nanaimo real estate market stats can be useful in establishing trends when applied over a period of time. Keep in mind that the information does not indicate the actual value of any particular property.


Find out what your home may be worth in today’s market.

If you require specific information on property values please contact one of our REALTORS® or call (250) 751-1223.

Sept 2017, Market Stats, Nanaimo Real Estate

Sept 2017 Market Stats

Real Estate Market Stats, Nanaimo, Real Estate, Homes Sold In Nanaimo

Nanaimo Real Estate Market Update August 2017

Nanaimo’s Real Estate Market Update summarized what’s happening the the real estate market in your area.

Monthly Nanaimo real estate market stats that analyze the Vancouver Island real estate market north of the Malahat. These Nanaimo real estate market stats can be useful in establishing trends when applied over a period of time. Keep in mind that the information does not indicate the actual value of any particular property.

Find out what your home may be worth in today’s market.

If you require specific information on property values please contact one of our REALTORS®.Real Estate Market Stats, Nanaimo, Real Estate, Homes Sold In Nanaimo

Disclaimer: This representation is based in whole or in part on data generated by the Vancouver Island Real Estate Board (VIREB) which assumes no responsibility for its accuracy.

Nanaimo’s Real Estate Market Update summarized what’s happening the the real estate market in your area. Find out what your home may be worth in today’s market.

VIREB Real Estate Market Update

Low inventory continues to frustrate consumers and REALTORS® in our local area as well as other areas on Vancouver Island. Even with 145 single-family properties coming onto the market in March, the increase was not significant enough to have a noticeable impact on inventory.

“Properly priced single-family homes between $500,000 and $600,000 rarely last longer than a day or two and generate multiple offers, with many selling above list price.” – Janice Stromar, 2017 VIREB President.

Stromar urges people to sell now saying, “Real estate is cyclical, and consumers need to take advantage of these market conditions because they won’t last forever. When the market does correct itself – and it always does – it usually happens without warning.” – Janice Stromar, 2017 VIREB President.

The Nanaimo area has been a sellers’ market for several months now. Although some homeowners continue to be reluctant to put their home on the market fearing they will not find another house to buy. Connecting with a local REALTOR® is especially crucial in a competitive housing market.

“This kind of market can be confusing and chaotic for buyers and sellers, but REALTORS® have specialized knowledge of their communities that can help clarify the situation,” says Stromar. “We’re also equipped with sales tools, such as custom analytics, to help buyers formulate winning offers and ensure sellers receive maximum dollars for their home.”

March 2017 real estate market snapshot.

See what’s happened in the real estate market in March 2017. Where does your home fit in? More information here: contact us for a free home evaluation.

  • Number of units SOLD
  • Number of days to sell
  • Average selling price
  • Homes sold by area

March 2017 MONTHLY STATISTIC

Are homes selling in your area? Call RE/MAX of Nanaimo today at 250-751-1223 to find out more!

*This representation is based in whole of part on the data generates by VIREB which assumes no reliability in its accuracy. 

Read more in the February 2017 Market Update, Nanaimo Real Estate

February 2017 Market Update and Infographic

Get informed with February 2017 market update. In February 2017:

  • 347 single-family homes sold on the MLS® System compared to 406 last February, a decrease of 15 per cent.
  • Sales rose by 42 per cent from January 2017, which saw 245 sales.
  • Inventory of single-family homes declined by 38 per cent from February 2016, with 949 active listings compared to 1,529 one year ago.
    • However, the 949 available properties reflect a six per cent increase over January, an encouraging development since the lack of inventory continues to challenge consumers and REALTORS® in the VIREB area.

Last month, the benchmark price of a single-family home in the VIREB area was $403,100, up 18 per cent from one year ago. Prices increased in every zone, ranging from 14 per cent in Duncan and Port Alberni to 25 per cent in Nanaimo.

February 2017 Market Update, Nanaimo Real Estate

The benchmark price of an apartment in February rose 22 per cent board-wide from the previous year, but we saw the highest increases in Parksville-Qualicum (24 per cent), the Comox Valley (26 per cent), and Campbell River (26 per cent). The townhouse market also strengthened in January, posting a 20 per cent increase board-wide.

MORE NANAIMO REAL ESTATE MARKET UPDATES

For a look at our comprehensive stats package, click here. Prefer a visual snapshot? Then check out our February 2017 infographic.

Source: VIREB

Read more in the February 2017 Market Update, Nanaimo Real Estate

January 2017 Real Estate Market Update

Contact Us   Search Properties For Sale   Find a REALTOR®

January is typically a quiet month in the local real estate industry. This January seemed to be fairly sedate, however the stats from the Vancouver Island Real Estate Board are telling us it was another good month (if you’re a home seller) for sales, volume, and days to sell. Our January 2017 Real Estate Market Update stats also tell us that it was another tough month for active single family home listings in Nanaimo.

January 2017 Real Estate Market Update

There were 100 single family homes (SFH) newly listed in Nanaimo in January 2017 vs. 125 last January.

  • 56 Single Family Homes

were reported sold, vs. 63 last January which is an 11% reduction, but really only a difference of 7 units. A major difference falls in the number of days to sell for SFH’s.

  • 49 DAYS

… the average in January 2016, and that dropped to 40 in January 2017. Our Active SFH listing inventory in Nanaimo also stayed fairly consistent at 196.

The number of homes from which a buyer has to choose compared to the number of buyers in the market represents the demand.

Take a look at the numbers for the last 10 yrs.

January 2017 Real Estate Market Update

*Immediately following the beginning of the recession

Comparing the best year in 2017 verses the worst year in 2009 of the inventory and days to sell markets; 2017 there are only 38% of the listings available, and those listings are selling more than twice as fast! Demand is very high, and it continues to cause prices to trend slightly higher again this month.

Nanaimo Buyers

Buyers need to be prepared. That’s a great reason to consult one of our excellent REALTORS® who will help you to be ready with; referrals to a variety of lenders for a pre-approval of financing, current market information to help you determine value, a solid working knowledge of the local real estate community, access to great professionals to assist in the process, and a plan for success.

We hope you took away something of value from our January 2017 Real Estate Market Update. Check back next month for the February report.

Making the right choice when to list or buy real estate can be an frustrating process. Stay up to date on what’s happening to make easier choice for your family. 

2016 Nanaimo Real Estate Market Review

2016 Nanaimo Real Estate Market Review

That’s a wrap! Let’s review what went on in the 2016 Nanaimo Real Estate Market Review. Depending on the statistics you follow, our 2016 market saw price increases of 13% (average price per unit) to 17% (Home Price Index).  This is exciting news for homeowners, particularly home SELLERS, as until the BC Assessment Authority releases their updated assessments, changes in market prices can be a worry.  This is the time of year when friends, family and clients of REALTORS® call to confirm, not always believing the good news. The BC Assessment Authority has valued homes very close to market values, with the usual exceptions. This also accounts for huge spikes in the assessed value of a home.

Selling?

As a home seller you may ask: “How much will this cost me in property taxes?”

To find a proper answer, take the time to visit the Assessment Authority website and find out how their process works.  They aren’t perfect, and by the mere fact that they offer the public an appeal process, they acknowledge their own limitations.  However, the many hardworking individuals at BC Assessment do try their best to convey true and accurate information. As a home seller, you should also consider that the City of Nanaimo determines taxes based on a formula called the ‘Mill Rate’.  This formula is adjusted up and down to make sure the City receives the tax base it needs to continue all the services it provides, and to show it is not in place to extort the Tax Payer.  There is a breakdown of this process on the City of Nanaimo website that can be found here:

How Are My Taxes Calculated?

As another consideration, if your assessment has increased significantly, it may be time to contact a RE/MAX of Nanaimo REALTOR® to get a good market value for your home.

Contact a REALTOR®

2016 Nanaimo Real Estate Market Review

2016 has been a great year for home sellers in Nanaimo and the surrounding area.  Home prices have gone up and volume has been strong, especially when you consider the lack of inventory.  If you’re downsizing or even hoping to leverage the equity in your home to downsize, a RE/MAX of Nanaimo REALTOR® can give you a great foundation for your decision.

As a home buyer, prices have also gone up, but rates remain VERY appealing. The Canadian Government does offer several new programs to help first-time buyers into the market, and if you’re buying in Nanaimo, you are in a market that offers great value, a spectacular place to live, and plentiful amenities for you and your family.

View Current Listings

That’s a wrap for our 2016 Nanaimo Real Estate Market Review. Come back monthly to stay current with the monthly Market Updates for 2017 and to find quick tips for buying, selling, renovating and so much more.

The REALTORS®, staff, management and owners at RE/MAX of Nanaimo want to thank all our clients for their business in 2016 and every continuing year. We wish you and your family the very best in your 2017 home search!

Read more in the February 2017 Market Update, Nanaimo Real Estate

Market Update: An Amazing Year For Nanaimo Real Estate

Amidst scandal resulting from questionable “Ghost Flipping” practices on the Lower Mainland, a loss of self-regulation for the BC Real Estate community, more mortgage rule changes, CMHC rule changes, and Real Estate Services Act rule changes, our local market has thrived and continues to do so.

Market update

Single Family Home inventory remains at unprecedented lows of 229 active listings. To put this in perspective:

  • a normal market in November of 2011had the single family home active listings pegged at 521
  • the last hot market in November 2007 had active listings dropping to 460
  • our lack of inventory is in no small way the driver behind the continuos increase in price. Compare avg sell price:
    • Nov 2016 $472,137
    • Nov 2011 $357,000
    • Nov 2007 $364,163
  • the many multiple offers and an average days to sell down to 26

Nanaimo real estate buyers

Even in this busy market, buyers remain vigilant. When a well-priced and well-marketed home hits the market there is often a flurry of activity, resulting in multiple offers well above asking price.  One home in Nanaimo last week reported 17 offers to be presented to the sellers. Buyers may also be feeling the pressure as they wonder how they will afford a home.

In comparison, the average price of a home selling in:

Average home price, Nanaimo Real Estate, Market Update

  • Nanaimo as stated above was $472,137
  • Victoria’s benchmark price was $755,000 in October
  • Vancouver’s benchmark price was $919,300 in October

Affordable homes

Nanaimo real estate continues to be an affordable alternative, offering great amenities, stunning landscapes, and access to excellent services.  When my wife and I moved to Nanaimo in 2002 from the Lower Mainland, we chose Nanaimo because it was affordable, centrally located, and because it was a GREAT place to raise a family.

Thank you

All the numbers and statistics aside, each and every REALTOR®, Owner, and Staff member at RE/MAX of Nanaimo would like to thank the community for choosing RE/MAX to help them buy or sell, or rent a property in 2016, and every year.  It’s the support from the community that allows RE/MAX of Nanaimo to retain the highest Market Share in our area.  We would also like to wish everyone a Merry Christmas, Best of the Season and a safe, healthy and prosperous New Year in 2017!  We hope you will continue to choose RE/MAX for all your Real Estate needs.

Thank you for choosing RE/MAX of Nanaimo. If your 2017 goal or New Years Resolution is to move, let us find you the perfect home!

Read more in the February 2017 Market Update, Nanaimo Real Estate

October 2016 Real Estate Market Update

The the local market has cooled, it appears that Vancouver’s resale market is strong and attracting the interest of foreign buyers. The Globe and Mail reports that Vancouver still has a strong interest from foreign buyers, even in the wake of a new property tax for foreign buyers.

Read the full article here.

The Market Update for some sales in Nanaimo has cooled. Inventory has dipped to a new historical low in October 2016, meaning there are very few homes on the market compared to months and years past. Here are some of the highlights for October 2016 Real Estate Market Update.

October 2016 Real Estate

IN October 2016, 399 single-family homes sold on the MLS® System compared to 368 last October – an increase of eight per cent.

Sales have decreased month over month by 24 per cent from September.

Reduced sales activity

Reduced sales activity in October was likely caused by typical late-summer cooling and continuing inventory challenges.

  • Active listings of single-family homes dropped once again in October, dipping to 1,158, the lowest VIREB has seen since the board began tracking inventory levels in 1999.
  • In October 2016, the benchmark price of a single-family home in the VIREB area was $393,700, up 16 per cent from one year ago.
  • Prices increased 19 per cent in Nanaimo and the Parksville-Qualicum area.
  • The benchmark price of an apartment rose approximately 18 per cent board-wide, with Parksville-Qualicum reporting an increase of 33 per cent.
  • The townhouse market also strengthened, posting a 12 per cent increase board-wide.

For more information on what this means for you, contact one of RE/MAX of Nanaimo’s REALTORS®

Read more in the February 2017 Market Update, Nanaimo Real Estate

September Real Estate Market Update

By far the biggest question we get asked in the real estate industry is “how is the market.” Here is an update from VIREB for Nanaimo’s September real estate market update.

September real estate market update highlights

  1. Number one on our list is our inventory statistic. With historic lows in inventory, buyers are challenged to find homes on the market. A nine per cent decrease in inventory from the previous month and down 40 per cent from one year ago.
  2. We saw an increase of 23 per cent in September compared to last September – 531 single-family homes sold on the MLS® System compared to 431 last September.
  3. Month over month, sales decreased by 14 per cent from August, which saw 623 unit sales.

September 2016 Market Update

Sales of single-family homes in September were lower than in August but rose significantly over September 2015.
Last month, 531 single-family homes sold on the MLS® System compared to 431 last September, an increase of 23 per cent. Month over month, sales decreased by 14 per cent from August, which saw 623 unit sales. Inventory dropped to a new historic low, dipping to 1,265, a nine per cent decrease from the previous month and down 40 per cent from one year ago. The last time inventory was this low occurred in 2005 when the supply of single-family homes for sale dropped to 1,629 units. VIREB began tracking inventory levels in 1999.
In September 2016, the benchmark price of a single-family home in the VIREB area was $389,200, up 14 per cent from one year ago. Prices increased in every zone, ranging from 11 per cent in Campbell River to 17 per cent in Nanaimo and the Parksville-Qualicum area. As in August, the benchmark price of an apartment rose approximately 15 per cent board-wide, with Duncan and Parksville-Qualicum reporting 21 and 29 per cent increases, respectively. The townhouse market also strengthened, posting an 11 per cent increase board-wide.
For our media release and a detailed breakdown of sales activity by zone, click here.

If you are thinking about selling your home, now is the time!  Inventory dropped to a new historic low, dipping to 1,265. The last time inventory was this low occurred in 2005 when the supply of single-family homes for sale dropped to 1,629 units.


Call RE/MAX of Nanaimo to list your home at 250.751.1223

Read more in the February 2017 Market Update, Nanaimo Real Estate

August 2016 Market Update For Nanaimo

As the “Dog Days” of summer come to an end, the local Real Estate market continues to be very healthy.  We are never surprised by a drop in the number of new listings or sales in July or August, as families finish their holidays, parents get kids back to school and settled in, and everyone soaks up the last great days of sunshine and warm weather. Read more about Nanaimo’s August 2016 Market Update.

August 2016 Market Update

This has been the case for August, as the number of new single family listings when compared to July, drop by 22 or 11%.  What is interesting is that the number of sales went UP in the single family category for August 2016. July 2016 showed 147 single family sales, while August posted an impressive 166 units sold (a 30% increase over August of 2015) or a 13% increase.

The number of days to sell in August 2016 is 27, while in July 2016 they were 17.

Pricing strategy

I always suggest that sellers seek the advice of a REALTOR® to help them sell their home.  Part of that recommendation relies on the seller also following that advice, particularly when it comes to a pricing strategy.  None of us want to hear our home is potentially worth less than we expected.  Buyers are savvy, well informed and experts in their given price range.  They are also often working with REALTORS® who are advising them along the way.  Sometimes even a subtle change in price is enough to entice a buyer to feel the value is right in the home they want.  If you are overpriced, your home may sit for more days on the market.

Local market

Total inventory of single family homes is now at 272, versus 445 in August of 2015, and 327 in July of 2016.  It’s possible that some of those homes which have been sitting on the market at the wrong price, are now coming into that “value” range through price changes, or market improvement.

For most people the purchase or sale of a home will be the largest transaction of their life.  Don’t trust that decision to chance, contact a REALTOR® at RE/MAX of Nanaimo, Nanaimo’s market leader for over a decade.

Call a RE/MAX of Nanaimo REALTOR® today at (250) 751-1223 to get the advice of a REALTOR® and pricing strategy.

*For more information on Nanaimo’s Market Conditions review our local Market Updates.