Tag Archives: Market Update

VIREB, Market Stats, REMAX of Nanaimo, October 2017

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

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

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.Nanaimo Real Estate Market Update July 2017

For more information about the Nanaimo Real Estate Market or to connect with an experienced Real Estate Agent, call us at 250-751-1223

Stats source: VIREB

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

Buyers

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.

Seller

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 BoardProfessional 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!


Call RE/MAX of Nanaimo at (250) 751-1223 and discuss your needs with one of our professional REALTORS®.

Apr 2017, Market Update, RE/MAX of Nanaimo

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

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