Tuesday, February 15, 2011

Nanaimo House Prices and Canadian House Prices January 2011

Total Nanaimo Home Sales
Decrease 13% Over 2010
Prices Off By 6%

The average selling prices dropped by 6% compared with January 2010 to an average price of $340,482 in January 2011 from the average in January 2010 of $363,093. The number of units sold decreased by 13% from a total of 63 in January 2010 to 55 in January 2011.

The prices on Vancouver Island seem to have not been subject to the same swings as other areas of the country. Nanaimo average house prices are still below their peak of $379,291 reached in Nov. 2008.
When comparing the 2011 average sales across VIREB’s six zones to 2010 average sales the breakdown is as follows: Campbell River $293,836 up 2% from $288,541, Comox Valley $332,534 up 3% from $323,860, Cowichan Valley $320,752 down 15% from $379,489, Nanaimo $340,482 down 6% from $363,093, Parksville/Qualicum $386,328 up 12% from $346,207 and Port Alberni/West $200,226 down 21% from $253,575.
Jim Stewart, VIREB 2011 President says “Overall in the markets we are seeing normalization and stability. On a local level, however, we clearly show some big swings and these spikes and troughs reflect the different perspectives within our own specific areas. The sales numbers are small in these smaller markets and a high sale can dramatically impact what happens to the average local price on a monthly snapshot. If you look at the market over the longer term you get better perspective of what the market is doing. The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers” he added. 

For more information about Nanaimo House Prices and comparisons use this Nanaimo Info LINK.

Following sales figures are based on average MLS sales summaries for Nanaimo and other Canadian cities for January 2011.

National Average
Jan.11 - $343,675
Jan.10 - $328,728

Victoria BC
Jan.   11- $486,384
Jan.   10- $509,514

Vancouver BC
Jan.  11 - $762,562
Jan.  10 - $637,637

Jan.   11 - $394,655
Jan.   10 - $382,009

Jan.   11 - $260,133
Jan.   10 - $240,274

Jan.   11 - $427,159
Jan.   10 - $409,058

Jan.  11 - $329,640
Jan.  10 - $323,762

Nanaimo Prices Jan. . 11- $340,482  Jan.  10- $362,093 (-6%)
Units Sold
Jan. 11 - 55   Jan. 10 - 63 (-13%)

Remember that these prices provide a broad market trend only and do not necessarily reflect the true market value of real estate. For a proper evaluation of your property you need to consult one of the many professional realtors in Nanaimo.


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