NANAIMO REAL ESTATE DEC. 2010
Total Nanaimo Home Sales
Decrease 25% Over 2009
Prices Off By 5%
The average selling prices dropped by 5% compared with December 2009 to an average price of $357,101 in December 2010 from the average in December 2009 of $376,330. The number of units sold decreased by 25% from a total of 85 in December '09 to 64 in December 2010.
The prices on Vancouver Island seem to have not been subject to the same swings as other areas of the country. Nanaimo average house prices are still below their peak of $379,291 reached in Nov. 2008.
Cliff Moberg, VIREB 2011 Past President says that “Steady job growth, an improving economy and low mortgage rates signify that the roller coaster is over and both buyers and sellers can expect a steady real estate market. Local REALTORS® are the best resource when it comes to setting a realistic price for buying or selling real estate. That price will vary from region to region and from neighbourhood to neighbourhood.”
Jim Stewart, VIREB 2011 President also sees a return to a market that is more predictable and stable. “It appears the uncertainty of past years is gone. For example, the arrival of the HST didn't have the dramatic impact everyone thought it would have on new construction. New homes are still selling and that is because they are priced right. This creates a market that is predictable because much of the uncertainty and apprehension have diminished.”
When comparing the 2010 average sales across VIREB's six zones to 2009 average sales the breakdown is as follows: Campbell River $303,970 up 3% from $296,304, Comox Valley $323,914 down 5% from $339,584, Cowichan Valley $366,865 down 5% from $384,390, Nanaimo $357,101 down 5% from $376,330, Parksville/Qualicum $375,759 down 3% from $387,388 and Port Alberni/West 239,810 up 7% from $223,439.
Jim Stewart, VIREB 2011 President also sees a return to a market that is more predictable and stable. “It appears the uncertainty of past years is gone. For example, the arrival of the HST didn't have the dramatic impact everyone thought it would have on new construction. New homes are still selling and that is because they are priced right. This creates a market that is predictable because much of the uncertainty and apprehension have diminished.”
When comparing the 2010 average sales across VIREB's six zones to 2009 average sales the breakdown is as follows: Campbell River $303,970 up 3% from $296,304, Comox Valley $323,914 down 5% from $339,584, Cowichan Valley $366,865 down 5% from $384,390, Nanaimo $357,101 down 5% from $376,330, Parksville/Qualicum $375,759 down 3% from $387,388 and Port Alberni/West 239,810 up 7% from $223,439.
For more information about Nanaimo House Prices and comparisons use this Nanaimo Info LINK.
Following sales figures are based on average MLS sales summaries for Nanaimo and other Canadian cities for November 2010.
National Average
Dec.10 - $344,551
Dec.09 - $337,534
Dec.10 - $344,551
Dec.09 - $337,534
Dec. 10- $496,814
Dec. 09- $522,211
Vancouver BC
Dec. 10 - $700,773
Dec. 09 - $627,582
Dec. 10 - $700,773
Dec. 09 - $627,582
Calgary
Dec. 10 - $381,308
Dec. 09 - $394,300
Regina
Dec. 10 - $251,690
Dec. 09 - $241,644
Dec. 10 - $251,690
Dec. 09 - $241,644
Toronto
Dec. 10 - $433,887
Dec. 09 - $337,534
Ottawa
Dec. 10 - $325,031
Dec. 09 - $311,604
Dec. 10 - $325,031
Dec. 09 - $311,604
Nanaimo Prices Dec. 10- $357,101 Dec. 09- $376,330 (-25%)
Units Sold Dec.. 10 - 64 Dec. 09 - 85 (-6%)
Remember that these prices provide a broad market trend only and do not necessarily reflect the true market value of real estate. For a proper evaluation of your property you need to consult one of the many professional realtors in Nanaimo.
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