|July 2018||June 2018||July 2017|
|Average Sale Price:||$565,388||$556,879||$526,646|
|Parksville / Qualicum|
|Average Sale Price:||$621,305||$611,012||$529,786|
Nanaimo home sales decreased 28% in July 2018 when compared with July 2017. The average sale price increased 8%. The median house price was $539,900.
Parksville/Qualicum home sales decreased 30% in July 2018 when compared with July 2017. The average sale price increased 17%. The median house price was $577,500.
In Nanaimo for July 2018 there were 442 active listings of single family freehold homes, which is 32% higher then July 2017.
The graphs below are for Nanaimo and show the average sold numbers and average sold price since 2014 (single family homes only.)
The following graph shows the % difference of the housing price index (HPI) from the same month 12 months ago. It is split into the different sub-areas and is for single family homes.
The following graph shows what is called the absorption rate. This is the time it would take the current homes for sale, to sell, if no new homes were listed, which indicates whether we have a sellers, balanced or buyers market. The 3 rates are based on 1, 6 and 12 months of sales data.
As you can see from the numbers the sales are down and the number of listings are up, when compared with last year, and the average price has been around the $555,000-$565,000 range for the last 3 months. Also, the absorption rate is up showing we appear to be entering into more of a balanced market. The Government wanted to slow down the housing market with the introduction of the mortgage stress test and other factors such as the speculation and foreign buyers tax and increasing interest rates, and these figures appear to show it is succeeding. It is difficult to judge how much this will affect prices except that we are unlikely to see the same year on year % price increases that we have seen since 2016.
These figures do concentrate on single family homes but if you would like similar information for other property types, such as apartments or patio homes, or specific geographical areas of Nanaimo or Parksville/Qualicum, then I would be more than happy to discuss those with you as well.
As always I hope you find these monthly newsletters informative and if at any time you or any of your friends, relatives or co-workers are looking for a professional realtor to help them buy or sell a home, or just have a real estate question, please call my personal cell, 250-739-1228, or drop me an email.
201-4454 Hedgestone Place, Nanaimo. $365,000
This spacious 2 bedroom, plus den, upper unit is located in the popular Amblewood Village. The home benefits from having a light open floor plan with a large living area and an electric fireplace. The kitchen features stainless steel appliances, modern cabinetry and plenty of counter space. There is also the added bonus of a den/office, just off the living area, with french doors as well as the 2 good sized bedrooms. The master has a 3 piece en-suite and access to the covered rear deck. There is also a good sized covered deck off the front with room for a patio set plus a storage room. The unit is located in a no-through street and is in a great location being close to shopping at Nanaimo North Town Center, transit, Oliver Woods Community Center and Longwood Station.