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.