A strong start to 2016 and to the Spring real estate market in Nanaimo was predicted and the results do not disappoint!
162 single family homes were sold in March compared to 126 in February which represented a volume increase of 29% over February and 26% compared to the same time last year. March saw an average sale price of $427,786 which is an increase of 5% over last March’s average of $408,070 and a 4% increase in the median price. Factors we also look at when analyzing a market to validate the strength of a market trend include the sell/list ratio; sell price/list price; days to sell, and current inventory numbers: The sell/list ratio increased year-over-year by a whopping 43% to 90%, while the sell price/list price has remained constant over the last month at 98%; the number of days on the market did drop by 11% when compared to last month and by 9% compared to March 2015 as attractive new listings increasingly receive accepted offers within a few days of hitting the market. Current inventory levels are being severely impacted by a reduction in the number of active listings, down 6% since February and 36% when compared to March 2015. This limited inventory, coupled with increasing demand from buyers has intensified the competition for newly listed properties resulting in multiple offers within the first day or two of many of the listings hitting the market, at times driving the selling price well beyond the asking price. Based on this there is little doubt about the strong, uptrending market so homeowners who are thinking of selling their property may want to consider doing so now before the spring market, with its typical influx of listings, becomes more established and increases inventory.
As of March, several areas showed strength in both sales volume and price appreciation, most notably North Nanaimo, Departure Bay, and Brechin Hill. In terms of price appreciation by category, Lots, Single Family Waterfront homes and Apartment style condos saw the biggest year-over-year increase.
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Check out the Nanaimo Market Statistics Here: Market Statistics March 2016