Lynn's Blog

Nanaimo Real Estate market as of November 1, 2016

Nanaimo Real Estate market as of November 1, 2016

The real estate market in Nanaimo continues to be very active. Looking at the year-to-date sales as at October 31, 2016 as compared to October 31 2015, there was an increase of 21% more homes sold and an increase of 13% in the average sale price of single family homes.

The average sale price for a single-family home at the end of October 2016 was $440,978 compared to $389,036 at the end of October 2015. Active listings are down and the number of unit sales is up which indicates that Nanaimo is continuing to experience a seller’s market.

What happens in a seller’s market?

A seller’s market is a market where the seller has the upper hand or advantage.  There are fewer homes available in a market where there is a large pool of buyer’s.  Oftentimes sale prices will rise in this type of market.  That is exactly what is happening in Nanaimo right now.  Buyer’s must act quickly by writing an offer on a home and may find themselves participating in a multiple offer situation.  Competing for properties is often what pushes the prices up above the asking price.

The following graphs and chart will give you an idea of what’s selling and for how much.

Below is the number of single family homes sold by dollar amount for the fi­rst 10 months of 2016.

Average prices for other property types in Nanaimo, as of October 31, 2016:

 

 Lots

 $161,324

 Condos (Apts)

 $232,029

 Patio Homes

 $420,550

 Townhouses

 $268,910

 

The Vancouver Island Real Estate Board (VIREB) divides the City into 18 different Nanaimo neighbourhoods.

This chart shows the average price per Nanaimo neighbourhood on November 1, 2016

2016-avg-price-per-neighbourhood.jpg
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