Tag Archives: Sellers Market

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

Real Estate Buying Demand Outpaces Nanaimo Supply

The real estate buying demand has outpaced availability in most areas. VIREB covers current market trends on central Vancouver Island this March. Currently it’s a seller’s market, where top price and a fast sale can go hand-in-hand.

Real estate buying demand increases

In March 2016 520 single-family homes were sold, compared to the 420 homes sold last March, which resulted in an increase of 24 per cent. Month over month, sales were up by 29 percent from the 406 sales processed in February 2016. Last month’s active listings totalled 1,599, down 26 percent from the 2,167 reported in March 2015.

It turns out that British Columbia’s economy is the strongest in Canada, according to BCREA Economist Brendon Ogmundson. The GDP growth is expected to be around 3 percent this year. The construction and retail sales industries are key economic drivers fuelling this robust real estate market and but there are also signs of it slowing down.

Single-family homes are still the most popular property type, although changing demographics could shift that trend over the next decade.

Demand has outpaced availability

It has been several years since REALTORS® have been this busy!  The challenge now – low inventory.

“Our REALTORS® are scrambling to find homes for buyers, which is resulting in multiple offers, particularly on single-family homes. Inventory is low. If you’ve been thinking of selling, it’s a perfect time to put your home on the market,”” says Justus Edmundson, Managing Broker at RE/MAX of Nanaimo.

Nanaimo’s market is still very affordable in comparison to Victoria and the lower mainland communities.

View the March 2016 benchmark prices of single-family homes in the following areas:

  • Nanaimo’s benchmark price rose 5.95 percent to $367,000
  • Parksville-Qualicum area saw its benchmark price rise by 8.66 percent to $391,400
  • Port Alberni was $193,900, an increase of 3.36 percent over March 2015.
  • Comox Valley, the benchmark price was $354,100, up 9.39 percent from 2015
  • Campbell River area was $281,800, a 2.61 percent increase over 2015
  • Duncan reported a benchmark price of $310,700, an increase of 8.23 percent over the same month in 2015 

Source: VIREB

For more information about buying or selling your house in this hot market, contact one of our professional and knowledgeable REALTORS®. Call (250) 751-1223 today!