Nanaimo
In British Columbia, on the east coast of Vancouver, it is a city and ferry port. It is known for its excellent harbor for servicing, distribution industries, and trading. It is internationally famous for its custard layered, chocolatey, crumbly treat. The city provides some of the best living conditions in Canada.
According to the statistics at the end of July 2021, the real estate market in Nanaimo continuous to be a strong seller’s market. Multiple offers are seen in all prices of homes. At the end of July this year to date, bigger changes were seen. There was a decrease of 22 percent in the numbers of homes listed from last year. The prices of the homes were also up by 37 percent as compared to July 2020.
The average prices of single-family homes as compared to last year were up by 37 percent. In July 2021, houses were receiving a list price of 100 percent on average while it was 99.1 percent in July 2020. Also, the homes this July were selling in 14 days less as compared to July of last year.
In July 2020, it took an average of 39 days for a property to get sold which reduces to 25 days in 202 for single-family houses. Similarly, for apartment styles condos the average days on the market get 15 days fewer as compared to last year. On the other hand, the sales of the townhouses were down as compared to July 2020 and are taking only one day fewer than July 2020.
The sales of patio homes are taking average of 20 days more to get sell in July 2021 as compared to this time last year. The overall real estate market in July 2021 was up. The only bigger change was the increase in average prices of all property types year to date.
To get the real picture of the local real estate market we must check the absorption rates. It is the number of weeks it takes to sell the current real estate inventory at the present rate of sales currently.
In July 2021. There were 5.28 weeks to sell the inventory that was present on hand while it was 8.27 weeks last year. The seller market has an inventory of fewer than 3 months, the inventory of buyers’ market is over six months, and the inventory of balanced market is between three to six months according to the rule of thumb. The conclusion drawn from the absorption rate is that the seller market is still strong.
The number of units sold of a single-family house in July 2021 was 150 and of townhouses were 27. The number of units of condo apartments that sold was 34 and of the condo, the patio was 4. The number of land area that old in July were seven. The average price of a single-family house was $851,590, a condo apartment was $430,943, a condo patio was $512,750, the townhouse was $524,193, and the land area was $490,929.
