It’s probably not news to anyone, but the average single family home price in Nanaimo and area continues to rise. To put it in perspective, April of 2015 showed a median single family home price at $370,000 and April of 2017 is showing a median single family home price at $480,000.00. Read more in the Nanaimo real estate market update.
Nanaimo Real Estate Market Update
The good news for Buyers is that the inventory levels in the Single Family Home category have started to creep up. A few months ago, the inventory was dangerously low at under 200 single family home listings in the Zone 4 (Nanaimo) area, but April of 2017 stats suggest 277 active single family home listings. The number of single family homes listed on a 12 month average is also up about 3%. This means that there are a few more homes to look at. The other good news is that mortgage rates continue to stand at historic lows, making the money you need to borrow for a home purchase still very affordable.
The good news for sellers…see paragraph one! But wait there’s more good news for sellers; sell to list price ratio (the amount you list for vs the amount you get) is at 100%. Now this doesn’t mean that EVERY seller gets 100% of their asking price, but it does reflect that when comparing those who get less, to those who get more, it averages out at 100%. The other good news (depending on your perspective) is the days to sell.
- Back in April 2012, it was taking an average of 54 days to sell one of the 614 active listings.
- Fast forward to April of 2017, and it is taking an average of 17days.
What a difference 5 years makes!
Even reading the above, it’s important to realize that these statistics are generated from the MLS systems provided by the Vancouver Island Real Estate Board. Professional REALTORS® providing their expertise and results for their clients. Pricing your home wrong can cost you money, whether it’s too high and the home isn’t selling, or too low and you don’t get everything you should. Likewise, as a buyer, if you’re missing opportunities because you’re working on your own without the help of a REALTOR® connected to the market, every month the house you want is going to cost you a little more!