Single family home sales volume (number of homes sold) in January exactly mirrored the 63 homes sold in January of 2015. The average sale price continued it’s upward ascent, with a year-over-year increase of 5.2% to $386,056. 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 28%, the sell price/list price was flat at 97%, the average number of days on the market has decreased by 18% and the number of active listings had decreased from 356 in January of last year to 275 last month, a decrease of nearly 23%.  All of these indicators support the fact that the up trending market is continuing and we look poised for a strong spring market. With the number of active listings decreased significantly, buyers are finding it challenging to find suitable options, so when quality properties hit the market, homes are selling very quickly very close to the ask price. With limited inventory, now is a great time for homeowners thinking about selling their property to list to capitalize on the pent up demand before the traditional flood of homes hit the market come March/April/May.

Areas continuing to show strength in price appreciation include North Nanaimo, Hammond Bay, Pleasant Valley, Cedar and the Old City.

Apartment condos were the strongest gainers in year-over-year price appreciation by category. Single family homes and lots also faired well, with price appreciation on the average property showing an increase in excess of 5%. With development in full swing, the number of lots sold not surprisingly has picked, with a 140% increase posted year-over-year.

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.

Check out the Nanaimo Market Statistics here: market-statistics-january-2016.

source: VIREB