Single family home sales volume (number of homes sold) increased 15.85% year-over-year from\u00a01,230 homes in 2014 to 1,425 last year. The average sale price continued its upward ascent, with a year-over-year increase of 5.54% to $391,313. 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 nearly 12%, the sell price\/list price has remained flat, the average number of days on the market has decreased by 16% and the number of active listings had decreased from 312 in December 2014 to 252 last month. All of these indicators support the fact that we are now firmly in an up-trending market.<\/p>\n
Areas showing strength in terms of both year-over-year price and volume increases include Brechin Hill, Old City, South Nanaimo, North Jinglepot, and Upper Lantzville. Of note, the sales volume in the old city increased 76.92%, which was accompanied by a 7.49% average price increase.<\/p>\n
By category, single family homes saw the largest year-over-year percentage price increase. Apartment style condos were up, with patio homes and town houses down slightly. Vacant lots were also down marginally.<\/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
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