Monday, March 21, 2011

Nanaimo House Prices and Canadian House Prices February 2011

Total Nanaimo Home Sales
Increase 19% Over 2010
Prices Off By 2%

The average selling prices dropped by 2% compared with February 2010 to an average price of $363,317 in February 2011 from the average in February 2010 of $370,747. The number of units sold increased by 19% from a total of 81 in February 2010 to 96 in February 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.

Jim Stewart, president of VIREB says; “We are seeing the market returning to normal conditions with sales and listings trending toward balanced conditions. Homes that are properly priced are seeing quite a bit of action and selling in a reasonable length of time. Relying on the advice of a REALTOR® is very important to be properly informed on how the market conditions might affect an individual situation,” he adds.

Guy Bezeau, VIREB’s President - elect says that, “Although the consumer is getting used to these historically low interest rates, we are being told it is not a matter of if we will see them begin to rise but when. With the amount of inventory available on the market now is a great time to invest on Vancouver Island,” he adds.

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
Feb.11 - $365,192
Feb.10 - $335,767

Victoria BC
Feb11- $490,970
Feb.  10- $481,246

Vancouver BC
Feb11 - $791,604
Feb . 10 - $662,741

Feb  11 - $400,879
Feb  10 - $389,388

Feb  11 - $272,609
Feb  10 - $263,753

Feb  11 - $454,470
Feb  10 - $431,509

Feb11 - $337,797
Feb.  10 - $318,894

Nanaimo Prices Feb. 11- $363,317  Feb.  10- $370,747 (-2%)
Units Sold
Feb. 11 - 96   Feb. 10 - 81 (+19%)

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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