The real estate market in Nanaimo continues to be a seller’s market. Looking at the year-to-date sales as at January 31, 2017 as compared to January 31 ,2016, there was an increase of 19% more homes sold and an increase of 15% in the average sale price of single family homes.
The average sale price for a single-family home at the end of January 2017 was $451,762 compared to $392,154 at the end of January 2016. Active listings were up by 1% and the number of unit sales is up by 19% .
What does a seller’s market mean?
A seller’s market is a market where the seller has the upper hand or advantage. That is exactly what is happening in Nanaimo right now. There are few homes available for sale while there is a large pool of buyer’s shopping the market. Low inventory levels push house prices up. If you are a Buyer in this market you must act quickly if you want to compete on a home. This is the kind of market where multiple offers are very common. Competing for properties is often what pushes the prices up above the asking price. The following chart will give you an idea of what’s selling and for how much.
Average prices for other property types in Nanaimo, as of January 31, 2017:
For more information on the current state of the Nanaimo real estate market please watch my video.