December sales volume for Single Family Homes continued to be strong for the VIREB region. There was a 7% decrease on a year over year basis and Nanaimo saw a 5% decrease in sales of Single Family Homes for the same period.
The average price of single family homes in Nanaimo increased by 16%, on a 12 month moving average basis. The number of days to sell a home increased 13% from December 2016, which bucked the trend of decreasing days to sell from prior months in 2017. Both condos and townhouses have also increased in average price, with condos seeing a 15% and townhouses a 14% increase. Days to sell a condo decreased 88% from 51 days to sell, to only 6, but that was driven primarily by the pre-sales at 91 Chapel Street in late December! Townhouses have also decreased in days to sell by 35%.
Inventory levels are extremely low across all three major market segments of homes confirming it is still a strong Seller’s market. It has never been a better time to Sell while Buyers must act quickly in order to be fortunate to purchase a well priced property.
For further details and graphs see our Market Stats Page.