Nanaimo House Prices and Canadian House Prices May 2011

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NANAIMO REAL ESTATE MAY 2011

Total Nanaimo Home Sales

Decrease 13% Over 2010

Prices Off 2%

The average sale price declined slightly in May 2011 by 2% to $379,405.00 compared with $388,497.00 in May 2010.  For the month of May 2011 total number of sold homes in Nanaimo decreased from 125 units in May 2010 to 109 units for the month representing a decrease of 13%. They were up sharply over the total of 87 units in April 2011.

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.

Jim Stewart, VIREB President says; “We are seeing continued normalization in our market with a fair selection of homes to choose from and a reasonable amount of buyer’s out there looking.”

Guy Bezeau, VIREB’s President - elect says that, “Interest rates still remain at affordable levels which makes it easier for first time home buyers to enter the market.”

Cliff Moberg, VIREB’s Past President, added that, “Relying on the advice of a REALTOR® is vitally important to be properly informed on how the market conditions might affect an individual situation in the marketing of their home.

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 May 2011.

National Average
May11 - $376,817
May10 - $346,950

Victoria BC
May  11- $527,181
May  10- $515,126

Vancouver BC
May  11 - $831,555
May 10 -  $661,745

Calgary
May   11 - $416,055
May   10 - $417,978

Regina
May  11 - $296,838
May   10 - $252,053

Toronto
May   11 - $485,520
May   10 - $446,593

Ottawa
May  11 - $353,046
May  10 - $334,360

Nanaimo Prices May 11- $379,405 May  10- $388,497
Units Sold May11 - 109  May 10 - 125 (-13%)

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.