JANUARY 2012 NANAIMO REAL ESTATE MARKET UPDATE
We sincerely hoped you enjoyed the holiday season this year and are now well on your way to achieving your New Years resolution. If your resolution involves real estate in Nanaimo then this market update should be of interest to you. Instead of our typically monthly market update this is our ANNUAL year in review.
As far as home values in Nanaimo are concerned, the first half of the year saw a moderate decrease in average sales price which was entirely recuperated in the second half of the year. Average sales price in Nanaimo for a single family home at the end of 2011 decreased $1,490 from 2010 which in our eyes is essentially zero.
With regards to volume of units sold, the market again was status quo. There were 4% less single family home sales in Nanaimo. The major difference was the distinct lack of traditional seasonal highs (spring/fall) and lows (winter/summer). The market was fairly steady all year long.
There were also almost exactly the same number of single family homes listed in 2011 (2359) as in 2010 (2372) which means that about 46% of all listings taken actually sold. Homes also took on average an extra week to sell with the average days on the market creeping up to 56 days.
The one sector that did experience some changes from 2010, as I've mentioned in a few market updates, is the strata sector. Condominium unit sales were down 11% from 2010 and the average sales price of a condominium dropped 9% from the same time last year.
What does all of this mean?
- The real estate market in Nanaimo is strong.
- If you're looking to sell your home, you certainly can get it done in a reasonable amount of time.
- Combined with continued record low interest rates (I've heard of 2.95% on 5-year fixed rates) it's a great time to be buying real estate.
If you or anyone you know is looking to buy or sell in today's market, please let us know and we'll be sure to treat them like gold.
Take Care,
Matt.
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