Nanaimo Real Estate Market Continues to be Strong
NANAIMO, BC – Single family unit sales last month were up 97% from January 2009 but down 24% from the prior month over a Board wide basis. The average sale price meanwhile is 6% above January 2009 according to Multiple Listing Service® (MLS®) sales summary information released through the Vancouver Island Real Estate Board (VIREB) for January 2010. There had been 225 single family unit sales throughout the VIREB area in January 2010.
VIREB President Cliff Moberg stated, “We are seeing continued optimism from buyers, as we move into 2010. There’s activity in all categories of the market”.
Jim Stewart, VIREB’s President Elect mentioned that, “We are seeing inventory levels starting to rise. It’s most likely a great time for sellers to place their house on the market if they’re thinking about selling this year.
“We need to keep in mind that a year ago the world was in economic turmoil and real estate has helped lead in our recovery. Our market is strong on Vancouver Island and real estate is still a solid, reasonably priced investment here, “says Stewart.
The average sale price throughout the VIREB area for January 2010 was $339,327 up 6% from the $321,425 posted in January 2009, but very close to the December 2009 average price of $341,974.
For that period comparing data with the end of January 2009 towards the end of January 2010, average sale prices in VIREB’s six zones saw: Campbell River increase 9% (to $288,541), the Comox Valley improved 6% (to $323,860), the Cowichan Valley was also up 6% (to $379,489), Nanaimo increased 4% (to $363,093), Parksville/Qualicum was lower 8% (to $346,207), and Port Alberni jumped 18% (to $253,575).
There had been 15% extra single family residential properties placed on the market in January 2010 in comparison to 12 months previously, but overall there are 28% additional homes for sale now than a year ago.
Buyers ought to check with their neighborhood REALTORS® for particular neighbourhood price details.
Tags: Increase in value, increasing home value, Nanaimo Real Estate Market, Nanaimo Real Estate Prices, Nanaimo Real Estate Trend, Nanaimo Real Estate Values, Sellers Market