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.
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.
Justus has been with RE/MAX of Nanaimo since January 2005 and is the Managing Broker. Justus was born and raised on Vancouver Island, so he and his lovely wife Kelly, decided in 2002 to raise their family on the Island and along with their daughter SaraLynn, are happily living in beautiful Nanaimo. When he’s not helping clients, Justus spends time with his family boating, he plays hockey, goes fishing, and plays in a band. Justus has learned a lot about the real estate industry in the last decade since aligning myself with the dedicated professionals at RE/MAX of Nanaimo. In 2014, he took his career to the next level by becoming the Managing Broker at RE/MAX of Nanaimo.