Lynn's Blog

Thinking of selling your Nanaimo investment property? Now may be the perfect time.

selling your Nanaimo investment property

Whether you own a condo or a house as your investment property it is a great time to take stock of your investment. If you are one of the lucky ones who invested in an investment property several years ago, you will most likely have realized a tidy profit.

In Nanaimo, real estate prices have grown at an astounding rate! Anyone who bought a condo or a house five years ago, will be jumping for joy today.

As at the end of February 2017 the following charts represent the condo & single family home stats in Nanaimo as compared to the stats at the end of February 2012:

 Condo stats February 2012

 Condo stats February 2017

Average sale price- $194,000

 Average sale price- $244,936

 Days to sell - 116

 Days to sell - 25

 % of asking price received – 92%

 % of asking price received – 99%

 

Single family home stats February 2012

Single family home stats February 2017

 Average sale price- $349,668

 Average sale price- $ 465,000

 Days to sell - 58

 Days to sell - 27

 % of asking price received – 99%

 % of asking price received – 96%

 

A condo purchased in 2012 is now worth, on average, about $51,000 more than what the owner paid five years ago. For single family home owners, the change in value is even more significant with an average increase in the range of $115,000. Additionally, these stats also show us that properties are taking less time to sell and are receiving closer to asking price.

For investment property owners and home owners who are watching the Nanaimo market, the temptation to sell grows with each passing day. The numbers speak; today is a great day to sell your property.

There is a lot of talk of an impending correction in the real estate market. The essential point is that it’s next to impossible to predict when a price correction may occur,

The combination of low inventory and high demand has created a solid seller’s market here in Nanaimo.

If you have been thinking that now might be the time to sell please call or email me and I would be happy to give you a current market evaluation on your property.

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