FEBRUARY 2012 NANAIMO REAL ESTATE
MARKET UPDATE
As we gear up for the busy spring real estate market, people have been asking more and more about how the real estate market is in Nanaimo. I find that a lot of people are under the impression that the market really isn't very good. This really isn't the case at all. While we aren't seeing the double digit increases in price that we say in 2005, the market has quietly stabalized over the last few years and is in a very balanced state.
The traditionally slow January market was just that with only 62 single family home sales which is up slightly from January of last year and also a marginal improvement over December 2011. Average sales price remained constant as it has for the last year or so.
Nanaimo consumers continue to be very price sensitive as almost 70% of the sales of single family homes in Nanaimo were under $400,000. There were also no sales in Nanaimo over $700,000.
What does a balanced market mean for you a buyer or seller? Balanced markets mean buyers have a reasonable amount of selection to choose from but have the time to make educated decisions and not rush into anything. Sellers have a reasonable chance to sell their home within a few months if they price it correctly.
Going forward, we're predicting much of the same. There are really no factors that indicate the market will be heating up or cooling off in the near future. Low interest rates are scheduled to stay low and our economy continues to roll on.
If you'd like any more information feel free to email me at info@mattanddoug.com.
Take Care,
Matt.
MARKET UPDATE