Tag Archives: MLS

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

Navigating Your Real Estate Transactions in Todays Market – July Market Update

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.

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.

VIREB Nanaimo Graphstats

Solid Home Sales in Nanaimo

Typically, for the month of August we see a slow down in the real estate market. After all this is a time many home buyers and sellers choose to spend with family and take vacations. Turns out this year was slightly different, August of 2015 was busy right to the end with solid home sales in Nanaimo. This explains the slowdown appearing in September. Saying that it slowed down is relative though, as a solid real estate market in Nanaimo continues.

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Housing Market Remains Strong in July

VIREB’s active spring and summer housing market cooled down slightly in July but the market is still significantly stronger than it was one year ago however.

“We haven’t slowed down at all this summer, which is unusual. Normally, July and August are quieter due to consumers’ holiday plans.”

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Second Strongest June on Record for BC Home Sales

The British Columbia Real Estate Association (BCREA) reports sales that are recorded by the Multiple Listing Service® (MLS®). Their findings for BC home sales were that there was a total of 11,294 residential unit sales in June, that’s an increase of 25.6% from the previous June. That includes $7.1 billion in total sales volume – a 42.6% increase from the previous year and $631,962 average residential sales price – a 13.5% increase from the previous year.

BC home sales posted the second strongest June on record. A growing provincial economy and record low borrowing rates continue to push demand higher …” –  Brendon Ogmundson.

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