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!
Call RE/MAX of Nanaimo at (250) 751-1223 and discuss your needs with one of our professional REALTORS®.
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
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.
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.
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.
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.
… 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.
*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.
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.
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.
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:
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.
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.
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.
- Find more information on the Nanaimo Real Estate Market Updates from 2016.
- What does the 2017 Real Estate Market have in store?
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!
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.
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®
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
- 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.
- 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.
- 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
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.
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.
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.
Another interesting month in the Nanaimo Real Estate Market. As a REALTOR®, it is always intriguing to review the statistics at the end of the month to see if they match your own business, or your own “busy-ness”. Navigating your real estate transactions in todays market takes strategy and dedication that come from having a good REALTOR® on your side. Find out more in July’s Market Update.
Traditionally we begin to see the local market slow down in the latter part of July, which will continue through August and into September when families have returned from holidays, and have kids securely back into the day-today routine of school. Although in 2014 and 2015, we did not see this type of market “cooling”, it appears 2016 is looking that way. To keep things in perspective however, the slowdown we have felt in volume of sales for July 2016 still represents an increase of units reported sold on a 12 month average of 17%, of 1628 units over 1392 (single family sales only). What is also interesting from the statistics provided from the Vancouver Island Real Estate Board (VIREB) the average number of days to sell for a single family listing in Zone 4 (Nanaimo) in July 2015 was 35, but in July 2016 was only 17…as a Home Buyer you are probably well aware of this statistic.
Nanaimo Real Estate Transactions
The total inventory of single family homes also fell again to 327 in July 2016 versus 471 in July of 2015. This is what causes anxiety for homebuyers, who can’t get to a home quickly enough, or get caught-up in multiple offers. The same can be said for a Seller, who has to buy after selling their home very quickly.
The VIREB RECAP Summary also states:
- almost 1/3 of properties (31.6%) in Zone 4 sold in 1 week or less in July of 2016
- in July of 2015, only 18.5 % of properties sold in 1 week or less
- prices continue to climb with the average sell price per unit for a SFH climbing to $422,255 from $385,986 or 9% on a 12 month average
This is a tricky market to navigate, and the strategies, and dedication that come from having a good REALTOR® on your side are invaluable. It can also make/save you money!
Call a RE/MAX of Nanaimo REALTOR® today at (250) 751-1223 and have the best working for you.
*For more information on Nanaimo’s Market Conditions review our local Market Updates.