OCTOBER 2011 NANAIMO REAL ESTATE MARKET UPDATE
The traditional modestly busy fall real estate market is certainly upon us. September 2011 showed signs of life in the Nanaimo Real Estate market with a substantial increase in single family sales volume over September 2010. This helped level off declining prices and hopefully will be a sign of stability for the future.
The single family market, unfortunately, is the only sector that is showing these signs however. With 304 total new listings in the month of September the total inventory of all listings is up to 1094. Total sales of all types of residential (strata and building lots as well as single family) was 141.
These numbers are hurt significantly by the struggling Nanaimo strata market. With sales volume down over 20% this year to date prices have declined by close to 8% and it's now taking about 3 months to sell a strata property on average. This has been caused by a lot of new developments coming up for sale in the last couple years drastically increasing the supply. This means a very healthy increase in buying power for consumers and certainly more than enough selection. It's a great time to be looking to buy a condo in Nanaimo.
So certainly some good and bad news in Nanaimo's market!
With that in mind, the next few months will be your best bet to buy or sell real estate before the end of 2011. If you or someone you know is looking to make a move in the Nanaimo real estate market, please give us an email at info@mattanddoug.com and we'll take care of the rest.
Matt.