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April Recap: Nanaimo Market Continues to Soar!

 

Under Nanaimo

 

Written by on May 2nd, 2015

Single family home sales volume (number of homes sold) increased 57% year-over-year from 94 homes in April of 2014 to 148 last month. The average sale price continued it’s upward ascent, with a year-over-year increase of nearly 9% to $387,469. Other factors that we look at when analyzing a market to validate the strength of the trend are the sell/list ratio, sell price/list price, days to sell and current inventory numbers, among others. The sell/list ratio is up 21%, the sell price/list price has increased 1%, the average number of days on the market has decreased by 14% and the number of active listings had decreased from 533 in April 2014 to 452 last month. All of these indicators support the fact that we are now firmly in an up-trending market.

The North End of town continue to outperform with North Nanaimo, Pleasant Valley, Hammond Bay and Departure Bay all showing significant year-over-year single family home price appreciation.

Aside from single family homes, patio homes led with way with a 19% price increase in average sale price, which followed up a 10% year-over-year increase in March. Although two months are not enough to draw any conclusions, these figures are supportive of the general notion that we will be seeing an increased demand for patio homes as baby boomers and empty nesters move into their retirement years. Apartment-style condominiums were up 11%, with both townhouses and lots being relatively flat.

If you have any questions about market conditions or would like more details specific to your neighbourhood, please contact us at info@jahelkagroup.com and we would be happy to help.

source: VIREB