SEPTEMBER 2011 NANAIMO REAL ESTATE MARKET UPDATE
The traditionally slow summer month of August was a bit of a surprise in 2011. With June and July showing signs of a slow down in the market, August picked up the slack and showed a marked improvement in both number sales and (over a very small sample) average sales price.
August brought us 21% more single family home sales than August of 2010 and helped the market to stay balanced when a shift towards a buyers market looked iminent.
While average sales price has slipped recently (down 2% over the previous 10 months or so), the average price of the homes sold in August 2011 showed a drastic increase. This is likely just an anomoly but certainly is a good sign of things to come and hopefully an indicator that home prices will stabilize and we'll enter a balanced market.
We're expecting that the increased activity will continue for the next couple of months this fall and ease off when we enter the typically very slow months of December and January.
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.
The traditionally slow summer month of August was a bit of a surprise in 2011. With June and July showing signs of a slow down in the market, August picked up the slack and showed a marked improvement in both number sales and (over a very small sample) average sales price.
August brought us 21% more single family home sales than August of 2010 and helped the market to stay balanced when a shift towards a buyers market looked iminent.
While average sales price has slipped recently (down 2% over the previous 10 months or so), the average price of the homes sold in August 2011 showed a drastic increase. This is likely just an anomoly but certainly is a good sign of things to come and hopefully an indicator that home prices will stabilize and we'll enter a balanced market.
We're expecting that the increased activity will continue for the next couple of months this fall and ease off when we enter the typically very slow months of December and January.
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.