Nanaimo Real Estate Home Sales
Nanaimo House Prices April 2014
Prices Increase 6% - Sales Decrease 25% Yr./Yr.The month of April 2014 saw 94 homes sold, compared with 116 homes the previous month, and compared with 126 homes sold in April 2013. This represents a 25% decrease when compared with last year.
The average sale price increased in April 2014 to $356,103.00 compared with $334,486.00 in April 2013 a increase of 6%. The median Nanaimo house price for April 2014 was $353,500.00.
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.
Nanaimo Annual Sales Summary 2013
Total units sold in Nanaimo during 2013 increased 11% over 2012 rising to 1130 compared with 1016 the year previous.
The average sale price for the year remained unchanged at $352,309.00 in 2013 compared with $353,348.00 in 2012. The median sale price for the year was $337,500.00.
Nanaimo House Prices March 2014
Prices Increase 8% - Sales Increase 53% Yr./Yr.
The
following information is taken from the MLS sales data from the
Vancouver Island Real Estate Board. The information is based on
single-family residential unit sales. The month of March 2014 saw 116 homes sold, compared with 102 homes the previous month, and compared with 76 homes sold in March 2013. This represents a 53% increase when compared with last year.
The average sale price increased in March 2014 to $373,640.00 compared with $346,577.00 in March 2013 a increase of 8%. The median Nanaimo house price for March 2014 was $370,000.00.
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.
Nanaimo House Prices February 2014
Prices Increase 4% - Sales Increase 61% Yr./Yr.
The
following information is taken from the MLS sales data from the
Vancouver Island Real Estate Board. The information is based on
single-family residential unit sales. The month of February 2014 saw 103 homes sold, compared with 50 homes the previous month, and compared with 64 homes sold in February 2013. This represents a 61% decrease when compared with last year.
The average sale price increased in February 2014 to $364,776.00 compared with $351,918.00 in February 2013 a increase of 4%. The median Nanaimo house price for February 2014 was $349,900.00.
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.
Nanaimo House Prices January 2014
Prices Increase 6% - Sales Decrease 7% Yr./Yr.
The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.
The month of January 2014 saw 50 homes sold, compared with 50 homes the previous month, and compared with 54 homes sold in January 2013. This represents an 7% decrease when compared with last year.
The average sale price decreased in January 2014 to $333,968.00 compared with $315,215.00 in January 2013 a increase of 6%. The median Nanaimo house price for January 2014 was $318,000.00.
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.
Vancouver Island Market Conditions 2014
May 2014
NANAIMO, BC – Home sales across the Vancouver Island region have remained relatively steady over the past four months, indicating stability and renewed confidence in the residential housing market.
A total of 360 single-family homes sold on the Multiple Listing Service® (MLS®) system in the VIREB coverage area in April 2014. This represents a 1.1% increase over unit sales recorded last month, and a 12% decrease in unit sales over April of last year.
According to VIREB president, Blair Herbert, although unit sales have edged down slightly from this time last year, when looking at the 12 month-to-date comparative figures, the Board is actually reporting a 15% increase.
“We are coming off of four months of strong sales activity in 2014, compared to a slow market in the first quarter of 2013, so we are not concerned by the slight dip in activity this month,” said Herbert.
Total active listings on the MLS® in the VIREB coverage area currently sit at 2,654, a 4.26% decline from April 2013.
“While our inventory levels are still lagging a bit from last year, our sales to listing ratio is still fairly typical,” said Herbert. “This is helping to keep us in balanced market territory, with pricing remaining relatively stable overall.”
In April 2014, the benchmark price for a single-family home in the VIREB coverage area was $314,500 with an MLS® HPI index value of 147.8. (This represents a 47.8 per cent increase since January 2005, when the index was 100). The benchmark price is up 0.54 per cent from last month and increased 1.51 per cent over last year. The average price of a single-family home in the VIREB area was $343,353 which is up 6% over this time last year.
“Low interest rates continue to underpin demand in the spring market,” noted BCREA’s chief economist, Cameron Muir. “We anticipate a seasonal influx of listing activity, and anticipate the second half of the year will be stronger in terms of sales activity as the economy begins to pick up.”
The benchmark price for a single-family home in the Campbell River area was $268,000, up 4.78 per cent over this time last year; in the Comox Valley the benchmark price was $319,600 marking a slight increase of 0.46 per cent over last year; Duncan reports a benchmark price of $283,100 which is virtually unchanged from last year, increasing a mere .07 per cent; Nanaimo’s benchmark price was $335,700 up 2.86 per cent over last year; Parksville/Qualicum has a benchmark price of $349,500, rising 1.58 per cent from last year; and the price for a benchmark home in Port Alberni is listed at $183,600, an increase of 3.17 per cent over last year.
March Market Characterized by Marginal Growth
NANAIMO, BC – Sales activity across the Vancouver Island housing market area continued its marginal trend upward for the month of March.
A total of 357 single-family homes sold on the MLS® system in the VIREB coverage area in March 2014. This represents a 27% increase over the 281 sales recorded both last month, and last year at this time.
According to BCREA chief economist, Cameron Muir, although unit-sales seem strong, it is important to compare these figures to the ten-year average to gain a more accurate picture of market trends.
“When comparing unit-sales over a longer period of time, we are actually down 12.6 per cent from the ten-year average, but it is encouraging to see the market moving in the right direction.”
In March 2014, the benchmark price for a single-family home in the VIREB coverage area was $312,800 with an MLS® HPI index value of 147.0. (This represents a 47 per cent increase since January 2005, when the index was 100). The benchmark price is down 0.75 per cent from last month and increased 1.59 per cent over last year. The average price of a single-family home in the VIREB area was $345,164, which is up 10% over this time last year.
“Even with the positive increase in prices, the Vancouver Island market is very affordably priced for buyers in comparison to some of the larger markets across the country,” said VIREB President, Blair Herbert. “In terms of overall value for your dollar, our market is quite attractive.”
The benchmark price for a single-family home in the Campbell River area was $261,800, up 5.35 per cent over this time last year; in the Comox Valley the benchmark price was $320,700 marking an increase of 1.05 per cent over last year; Duncan reports a benchmark price of $284,300 which is up 1.17 per cent from last year; Nanaimo’s benchmark price was $330,500 rising 2.07 per cent over last year; Parksville/Qualicum has a benchmark price of $344,800, dipping 0.29 per cent from last year; and the price for a benchmark home in Port Alberni is listed at $189,600 increasing 5.10 per cent from last year.
Balanced Island Market Conditions Moving Into Spring
NANAIMO, BC – Sales activity across the Vancouver Island housing market area continued its gradual upward climb this February, with reports of healthy sales activity across the Board.
A total of 282 single-family homes sold on the MLS® system in the VIREB coverage area in February 2014. This represents a 24% increase over the 228 sales recorded in February 2013, which is up significantly from last month, which reported 212 unit sales.
VIREB president, Blair Herbert, is encouraged that market activity has been trending upwards for the past few months, and is cautiously optimistic that we will continue to see slow continued growth throughout 2014.
“Over the past few months, we have witnessed strong year-over-year percentage gains in terms of unit sales; however, it is important to note that last year marked a cyclical low in sales activity, so our numbers are not trending as high as they may appear,” he stated. “That being said, when looking at our sales figures over a longer period of time, our activity is close to reaching the ten-year average, so things are definitely moving in the right direction in terms of achieving balanced market conditions.”
In February 2014, the benchmark price for a single-family home in the VIREB coverage area was $310,400, with an MLS® HPI index value of 145.9. (This represents a 45.9 per cent increase since January 2005, when the index was 100). The benchmark price is down 0.9 per cent from last month and increased 1.39 per cent from last year. The average price of a single-family home in the VIREB area was $345,164, which is up 10% over this time last year.
“Although pricing has remained relatively flat over the last couple of months, we anticipate that this slow and steady market growth could produce a bit of upward pressure on pricing moving forward,” said Jason Finlayson, VIREB President-Elect. “While we haven’t experienced significant gains thus far, the market is still quite price sensitive, so it is important to contact a local REALTOR® in your area to ensure your property is priced correctly.”
The benchmark price for a single-family home in the Campbell River area was $265,400, up 7.2 per cent over this time last year; in the Comox Valley the benchmark price was $317,700 marking an increase of 1.33 per cent over last year; Duncan reports a benchmark price of $273,200 dipping 2.63 per cent from last year; Nanaimo’s benchmark price was $328,900 up 1.38 per cent over last year; Parksville/Qualicum has a benchmark price of $346,500, rising 2.63 per cent from last year; and the price for a benchmark home in Port Alberni is listed at $193,400, increasing 5.07 per cent from last year.
Island Market Showing Signs of Vitality in New Year
NANAIMO, BC – Sales activity across the Vancouver Island housing market area is in full swing this January, with reports of healthy inventory levels and unit sales across the Board.
A total of 212 single-family homes sold in the VIREB coverage area on the MLS® system in January 2014. This represents a 15% increase over the 184 sales recorded in January 2013, and almost no change from last month, which reported 210 unit sales.
VIREB president, Blair Herbert, is encouraged by the healthy sales activity occurring across the market coverage area.
“The market began to show signs of vitality in the latter half of 2013, and this momentum has continued to build as we move forward into January. The numbers definitely bode well for our spring market,” he stated.
In January 2014, the benchmark price for a single-family home in the VIREB coverage area was $307,700, with an MLS® HPI index value of 144.6. (This represents a 44.6 per cent increase since January 2005, when the index was 100). The benchmark price is down 0.1 per cent from last month and increased 0.8 per cent from last year. The average price of a single-family home in the VIREB area was $318,628, which is the same as it was this time last year.
According to BCREA economist, Brendon Ogmundson, VIREB is right on-target to meet its forecasted growth for the year.
“Currently, VIREB is on-track to meet its 1.5% projected sales growth for 2014. Pricing continues to remain relatively flat; however, we do anticipate a slight increase later this spring.”
The benchmark price for a single-family home in the Campbell River area was $259,700, up 5.7 per cent over last year; in the Comox Valley the benchmark price was $319,000, an increase of 2.4 per cent over last year; Duncan reports a benchmark price of $272,700, dipping 5.8 per cent from last year; Nanaimo’s benchmark price was $324,200, up 0.8 per cent from last year; Parksville/Qualicum has a benchmark price of $346,000, up 3.4 per cent last year; and Port Alberni is listed at $186,000 for a benchmark home, increasing 5.3 per cent from last year.
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