Single family home sales volume (number of homes sold) increased 21% year-over-year from\u00a0124 homes in\u00a0May 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\u00a0sell and current inventory numbers, among others.\u00a0The 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.<\/p>\n
After the North End outperformed\u00a0in year-over-year average price increases for single family homes in\u00a0April, there were a number of areas in Central\u00a0and South Nanaimo that\u00a0 showed strong results in May, including: Brechin Hill, Old City,\u00a0University District, \u00a0South Nanaimo,\u00a0and Cedar.<\/p>\n
Aside from single family homes,\u00a0vacant lots had\u00a0the strongest showing of all categories, up 15% in\u00a0average sale price over May\u00a02014.\u00a0\u00a0Apartment-style condo’s and townhomes both showed a marked improvement,\u00a0 up nearly 8% in year-over-year average sale price.<\/p>\n
If you have any questions about market conditions or would like more details\u00a0specific to your neighbourhood, please contact us at info@jahelkagroup.com and we would be happy to help.<\/p>\n
source: VIREB<\/p>\n","protected":false},"excerpt":{"rendered":"