|May 2018||April 2018||May 2017|
|Average Sale Price:||$563,218||$553,352||$526,646|
|Parksville / Qualicum|
|Average Sale Price:||$606,641||$611,880||$548,696|
Parksville/Qualicum home sales decreased 37% in May 2018 when compared with May 2017. The average sale price increased 11%. The median house price was $610,000.
In Nanaimo for May 2018 there were 358 active listings of single family freehold homes, which is 20% higher then May 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.
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.
The Superintendent of Real Estate has announced new rules for real estate licensees that will change the way a real estate professional can provide service to consumers. Under the new rules, real estate licensees will be required to:
- give consumers more information about commissions and fees — in particular, how the commission is to be divided between a listing brokerage and cooperating brokerage, or when there is no cooperating brokerage, retained by the listing brokerage;
- before working with consumers, inform them of the duties and responsibilities owed to clients and unrepresented parties;
- inform unrepresented consumers of the risks of dealing with a licensee who is representing another party to the transaction;
- only work for either the buyer or the seller in a single real estate transaction. Under the new Rules, dual agency, the practice of acting on behalf of both the buyer and seller on the same trade, will be prohibited except in extremely limited circumstances.
These new rules are due to come into effect on June 15, 2018, so please be aware that after this date there are new and additional forms to go through with your realtor!
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.