October News Letter
Nanaimo Real Estate News Letter – by Jeff King
October 5, 2011
September Stats for Nanaimo
Single family house prices have levelled off for the month of Sept with the average home price at approx $363K up a mere 3% over September 2010. However the 12 month to date average is down 2% from $367K. Listings were down for the past month but the number of sales is up 23% compared to September of 2010. Unfortunately we are still behind the 12 month curve by 11%. Nanaimo is fetching a strong 95% sell price to list price ratio with the average days to sell a property up to 63 days vs. 55 only a year ago.
The apartment style condo market has been interesting with sales up by 20% compared to the same time in 2010. This is most likely a result of fewer units coming on the market. Sad to say the average price has dropped by a percentage point leaving the average condo price at $241K. Patio style units are up across the board with a surprising 22% price increase to $267K, wow! Townhouse style can’t brag the same gains though. The average price of these homes is down 5% to $254K bringing the total sales up a whopping 67%! For detailed market info visit my web stats here.
The top 3 selling areas in Nanaimo from January 1, 2011 to September 30, 2011 are…
1. North Nanaimo with 210 units reported sold
2. South Nanaimo with 110 units reported sold
3. Departure bay with 88 units reported sold
Total number of single family units sold during this period is 951 units. The Q3 totals reflect the same positioning! Nanaimo North with 71 units sold, Nanaimo South with 43 units and Departure Bay with 31. All out of 330 units!
This Past Week In the local Market
Lots – there are 23 new lots in the Hawthorne area of the university district priced between $156K – $170K / lot.
• 28 New Listings from Thursday, Sep 29/11 to Wednesday, Oct 05/11
• 4 units Back On Market from Thursday, Sep 29/11 to Wednesday, Oct 05/11
• 6 Price Changes from Thursday, Sep 29/11 to Wednesday, Oct 05/11
• Only 10 Unconditional Sales from Thursday, Sep 29/11 to Wednesday, Oct 05/11
• 43 New Listings from Thursday, Sep 29/11 to Wednesday, Oct 05/11
• 6 units are Back On Market from Thursday, Sep 29/11 to Wednesday, Oct 05/11
• 38 Price Changes from Thursday, Sep 29/11 to Wednesday, Oct 05/11
• 23 Unconditional Sales from Thursday, Sep 29/11 to Wednesday, Oct 05/11
The City of Nanaimo has teamed up with Nanaimo Tourism to provide equipment for events in and around the city. If you are planning an event here in the Harbour City check here to see if or how they can help you.
Looking for a place to stay while you’re in Nanaimo shopping for your next home? Visit City of Nanaimo’s info link to find a comfortable place to stay. If you know of a great place and want to share it with our readers, send me an email to firstname.lastname@example.org.
Current Mortgage Rates through our Sutton Member Program (SMP)
1-Year Fixed/Closed: 2.49%
2-Year Fixed/Closed: 2.90%
3-Year Fixed/Closed: 2.89%
4-Year Fixed/Closed: 2.86%
5-Year Fixed/Closed: 3.16%
1-Year Variable/Closed: 2.30%
3-Year Variable/Closed: 2.40%
5-Year Variable/Closed: 2.40%
In the NEWS
According to the Canadian Press, on Tuesday Oct. 4, 2011 7:44 AM PT
Finance Minister Jim Flaherty says he is relatively confident Canada won’t be sent into a new recession from the strengthening global economic turbulence. He believes Canada will ride out the problem and achieve moderate growth. Fuelled by investors shifting to the U.S. dollar, which is considered a safe haven, believes the loonies’ recent stumble to below parity with the U.S. dollar is only temporary.
For more information visit CTV’s story here.
If you know anyone interested in moving to Nanaimo and would like more information on this area, please send me a message and I’ll gladly help you out. Should you have any information that you would like to add or if there is something you would like to see added, let me know. I am always looking for good ideas! You can email me a email@example.com or go to my website www.jeffkingrealestate.com. You can follow me on twitter @jeffkinghomes and facebook.