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
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