Single family home sales volume (number of homes sold) increased 21% year-over-year from 124 homes in May of 2014 to 150 last month. The average sale price continued it’s upward ascent, with a year-over-year increase of nearly 8% to $399,052. 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 15%, the sell price/list price has increased 1%, the average number of days on the market has decreased by 23% and the number of active listings had decreased from 565 in May 2014 to 464 last month. All of these indicators support the fact that we are now firmly in an up-trending market.

After the North End outperformed in year-over-year average price increases for single family homes in April, there were a number of areas in Central and South Nanaimo that  showed strong results in May, including: Brechin Hill, Old City, University District,  South Nanaimo, and Cedar.

Aside from single family homes, vacant lots had the strongest showing of all categories, up 15% in average sale price over May 2014.  Apartment-style condo’s and townhomes both showed a marked improvement,  up nearly 8% in year-over-year average sale price.

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