Saturday, October 04, 2014

Nanaimo House and Real Estate Prices Sept. 2014


Nanaimo House Prices 2014

  Nanaimo Real Estate Home Sales


Nanaimo House Prices September 2014

Prices Increase 10% - Sales Increase 4%

The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of September 2014 saw 117 homes sold, compared with 103 homes the previous month, and compared with 113 homes sold in 
September 2013. This represents a 4% increase when compared with last year.

The average sale price increased in 
September 2014 to $378,185.00 compared with $368,679.00 in September 2013 a increase of 10%. The median Nanaimo house price for September 2014 was $355,000.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.


  Nanaimo House Prices August 2014

Prices Increase 2% - Sales Decrease 6%

The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of August 2014 saw 103 homes sold, compared with 126 homes the previous month, and compared with 110 homes sold in
August 2013. This represents a 6% decrease when compared with last year.

The average sale price increased in
August 2014 to $368,679.00 compared with $362,934.00 in August 2013 a increase of 2%. The median Nanaimo house price for August 2014 was $365,000.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.


Nanaimo House Prices July 2014

Prices Increase 4% - Sales Increase 13% Yr./Yr.

The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of July 2014 saw 127 homes sold, compared with 118 homes the previous month, and compared with 112 homes sold in 
July 2013. This represents a 13% increase when compared with last year.

The average sale price increased in 
July 2014 to $377,718.00 compared with $363,002.00 in July 2013 a increase of 4%. The median Nanaimo house price for July 2014 was $355,000.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.


Nanaimo House Prices June 2014

Prices Decrease 4% - Sales Increase 3% Yr./Yr.

The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of Jun 2014 saw 119 homes sold, compared with 125 homes the previous month, and compared with 115 homes sold in
Jun 2013. This represents a 4% decrease when compared with last year.

The average sale price decreased in
Jun 2014 to $361.040.00 compared with $375,080.00 in Jun 2013 a increase of 4%. The median Nanaimo house price for Jun 2014 was $354,000.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.


Nanaimo House Prices May 2014

Prices Increase 4% - Sales Increase 2% Yr./Yr.
The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of May 2014 saw 125 homes sold, compared with 94 homes the previous month, and compared with 122 homes sold in
May 2013. This represents a 2% increase when compared with last year.

The average sale price increased in
May 2014 to $370,123.00 compared with $357,443.00 in May 2013 a increase of 4%. The median Nanaimo house price for May2014 was $356,500.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.


  Nanaimo House Prices April 2014

Prices Increase 6% -  Sales Decrease 25% Yr./Yr.

The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of April 2014 saw 94 homes sold, compared with 116 homes the previous month, and compared with 126 homes sold in
April 2013. This represents a 25% decrease when compared with last year.

The average sale price increased in
April 2014 to $356,103.00 compared with $334,486.00 in April 2013 a increase of 6%. The median Nanaimo house price for April 2014 was $353,500.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Nanaimo House Prices March 2014

Prices Increase 8% -  Sales Increase 53% Yr./Yr.
The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of March 2014 saw 116 homes sold, compared with 102 homes the previous month, and compared with 76 homes sold in
March 2013. This represents a 53% increase when compared with last year.

The average sale price increased in
March 2014 to $373,640.00 compared with $346,577.00 in March 2013 a increase of 8%. The median Nanaimo house price for March 2014 was $370,000.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.


Nanaimo House Prices February 2014

 Prices Increase 4% -  Sales Increase 61% Yr./Yr.
The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of February 2014 saw 103 homes sold, compared with 50 homes the previous month, and compared with 64 homes sold in
February 2013. This represents a 61% decrease when compared with last year.

The average sale price increased in
February 2014 to $364,776.00 compared with $351,918.00 in February 2013 a increase of 4%. The median Nanaimo house price for February 2014 was $349,900.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.


Nanaimo House Prices January 2014

 Prices Increase 6% -  Sales Decrease 7% Yr./Yr.

The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales.

The month of January 2014 saw 50 homes sold, compared with 50 homes the previous month, and compared with 54 homes sold in January 2013. This represents an 7% decrease when compared with last year.

The average sale price decreased in January 2014 to $333,968.00 compared with $315,215.00 in January 2013 a increase of 6%. The median Nanaimo house price for January 2014 was $318,000.00.

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Nanaimo Annual Sales Summary 2013
Total units sold in Nanaimo during 2013 increased 11% over 2012 rising to 1130 compared with 1016 the year previous.

The average sale price for the year remained unchanged at $352,309.00 in 2013 compared with $353,348.00 in 2012. The median sale price for the year was $337,500.00. 


Vancouver Island Market Conditions 2014



Summer Sales Activity Continues to Heat Up on Vancouver Island

September Sales Activity Reflects Increased Consumer Confidence

NANAIMO, BC – Sales activity throughout the Vancouver Island housing market area rose in September, indicating increased consumer confidence and paving the way for strong fall sales. However, since sales in September 2013 were relatively weak, the higher numbers posted last month don’t represent a hotbed of robust activity. Rather, they indicate that the market continues to be balanced for both buyers and sellers in the VIREB coverage area.

A total of 409 single-family homes sold on the MLS® system in September 2014. This represents a 13.3% increase over the 361 sales recorded last month and a 22% increase from this time last year. Inventory levels continue to remain slightly lower than last year, with active listings down approximately five per cent.

BCREA’s chief economist, Cameron Muir, reports that the VIREB coverage area saw its strongest summer since 2009 and expects that upward trajectory to continue.
“The retail sector has seen a boost in activity, indicating increased consumer confidence, which is certainly reflected in the housing numbers,” said Muir. He doesn’t expect interest rates to rise any time soon, noting that they continue to echo the reality of Canada’s overall housing demand.

The numbers don’t surprise VIREB President Blair Herbert, who anticipates healthy sales activity to continue throughout the fall.

“September is traditionally busier for most real estate markets, and we don’t expect that to change in the coming months,” states Herbert. “Our REALTORS® are busy, and there is a lot of business in the works.” However, Herbert notes that the overall snapshot of market activity isn’t always an accurate picture of the motion occurring in a particular community.

“It can even vary by neighbourhood, which is why it’s important to contact a local REALTOR® for a better idea of what’s happening in your area,” says Herbert. “In strong sales markets, consulting a REALTOR® is vital to ensure that you have up-to-date information on house prices for your specific location.”

In September 2014, the benchmark price of a single-family home in the VIREB coverage area was $317,900. Benchmark pricing tracks the value of a typical home in the reported area. The average price of a single-family home was $352,179, an increase of nine per cent over this time last year.
The benchmark price for a single-family home in the Campbell River area was $272,200, up 6.43% from September 2013; in the Comox Valley, the benchmark price was $320,700, marking an increase of 1.32%% over last year; Duncan reports a benchmark price of $281,800, which is nearly the same as one year ago; Nanaimo’s benchmark price was $338,800, up 3.70% from last year; Parksville/Qualicum has a benchmark price of $363,600, which is 4.32% higher than this time last year; and the price for a benchmark home in Port Alberni is listed at $187,200, dropping slightly by 1.17% from last year.

Summer Sales Activity Continues to Heat Up on Vancouver Island

August 1, 2014

NANAIMO, BC – Sales activity continues to remain strong in the Vancouver Island housing market area, with the Board outperforming its forecasted sales due to a flurry of activity over the summer months.

A total of 456 single-family homes sold on the MLS® system in the VIREB coverage area in July 2014. While this figure is slightly lower than the 469 unit sales recorded last month, it represents a six per cent increase over sales activity this time last year.

Inventory levels continue to lag behind last year’s figures, dipping approximately two per cent since last July. VIREB’s active listings for the month of July were down 5.29% over this time last year. Currently, the sales-to-active listing ratio is sitting around 12%, which puts the Board in the upper boundaries of balanced market territory across the Island.

VIREB President Blair Herbert is encouraged by the slow and steady growth on the Island, however he noted that “with the combination of lower inventory levels and rising unit sales, we may start to see a bit of upward pressure on pricing in the latter half of the year.”

In July 2014, the benchmark price for a single-family home in the VIREB coverage area was $319,400 with an MLS® HPI index value of 150.1. (This represents a 50.1 per cent increase since January 2005, when the index was 100). The average price of a single-family home in the VIREB area was $346,207, which is an increase of four per cent over this time last year.

BCREA economist Brendon Ogmundson, reported that things are looking very positive overall on the Canadian and U.S. economic front. While healthy economic conditions are likely contributing to our stronger market sales activity, he cautioned that, “We may see mortgage rates start to inch up a bit by the end of the year, as a result.”

The benchmark price for a single-family home in the Campbell River area was $271,400, up 2.04% over this time last year; in the Comox Valley the benchmark price was $329,400, marking an increase of 1.48% over last year; Duncan reports a benchmark price of $280,800, which is exactly the same as it was one year ago; Nanaimo’s benchmark price was $335,200 dipping slightly by 0.93% from last year; Parksville/Qualicum has a benchmark price of $356,400, which is relatively unchanged from this time last year, dipping 0.21%; and the price for a benchmark home in Port Alberni is listed at $200,800 dropping 1.32% from last year.

VIREB Reports Strongest June Sales Activity Since 2007


July 2, 2014

NANAIMO, BC – Sales activity is heating up across the Vancouver Island housing market area, with the Board reporting its strongest June on record since 2007.

A total of 470 single-family homes sold on the MLS® system in the VIREB coverage area in June 2014. While this represents a slight dip over the 485 sales recorded last month, it marks a 23% increase over sales activity this time last year.

Inventory levels continue to remain slightly lower than last year, which is in-line with the trend occurring over the past few months. Active listings for the month of June were down 4.4% over this time last year.

According to BCREA chief economist, Cameron Muir, the sales-to-active listing ratio is sitting around 14%, which puts the Vancouver Island market in the upper boundaries of balanced market territory. This is great news for buyers and sellers, and with home sales on the rise, he expects we will start to see market conditions “firm up” in the third quarter.

In June 2014, the benchmark price for a single-family home in the VIREB coverage area was $318,500 with an MLS® HPI index value of 149.7. (This represents a 49.7 per cent increase since January 2005, when the index was 100). The benchmark price is up 1.22 per cent from last month and increased 2.46 per cent over last year. The average price of a single-family home in the VIREB area was $346,861, which represents a two per cent increase over this time last year.

When asked about the slight uptick in prices across the Island, VIREB president, Blair Herbert, said that he was not surprised. “With increased consumer demand and rising home sales, pricing should start to rise around the rate of inflation,” he said.

In a couple of VIREB’s market areas, the benchmark price reported larger percentage increases than the average price, which is quite unusual; however, Herbert indicated that this can be attributed to the fact that there was a flurry of sales activity with lower-priced properties in those markets. “This could indicate that we have more first-time home buyers jumping into the market, and it definitely signals stronger consumer confidence overall,” he said.

The benchmark price for a single-family home in the Campbell River area was $265,900, up 2.98% over this time last year; in the Comox Valley the benchmark price was $324,600 marking an increase of 1.95% over last year; Duncan reports a benchmark price of $280,800 dipping 3.27% from last year; Nanaimo’s benchmark price was $338,300 rising 3.99% from last year; Parksville/Qualicum has a benchmark price of $357,200, growing 3.43% from this time last year; and the price for a benchmark home in Port Alberni is listed at $203,500 escalating 9.88% from last year.

Healthy May Market Paves Way For Strong Summer Sales

June 2, 2014
 NANAIMO, BC – Sales activity across the Vancouver Island housing market area continued its upward swing this May, paving the way for a strong summer market.

A total of 485 single-family homes sold on the MLS® system in the VIREB coverage area in May 2014. This represents a 34.7% increase over the 451 sales recorded last month, and an 8% increase over sales recorded last year at this time.

Inventory levels continue to remain slightly lower than last year, with active listings down approximately two per cent.

According to VIREB president, Blair Herbert, the lower inventory has not had much of an impact on pricing trends, as home prices have remained relatively stable. “Typically, when listing inventory is down, the market begins to experience some modest pressure on pricing; however, this has not been the case in the VIREB market area thus far,” he said.

In May 2014, the benchmark price for a single-family home in the VIREB coverage area was $314,700 with an MLS® HPI index value of 147.8. (This represents a 47.8 per cent increase since January 2005, when the index was 100). The benchmark price is down 0.07 per cent from last month and increased 2.07 per cent over last year. The average price of a single-family home in the VIREB area was $345,861, which represents a slight increase of one per cent over this time last year.

“The Vancouver Island market continues to be very affordably priced for buyers in comparison to some of the larger urban markets across the country,” said Herbert. “In terms of overall value for your dollar, our market is very attractive.”

According to BCREA chief economist, Cameron Muir, low interest rates continue to be a powerful incentive to get into the marketplace. While market activity has remained robust, he does not anticipate any movement in the housing market until later this year. “We are in a bit of a holding pattern as we wait for the economy to catch up, particularly on the job front,” he noted.

The benchmark price for a single-family home in the Campbell River area was $261,800, down 2.35% over this time last year; in the Comox Valley the benchmark price was $321,500 marking a slight increase of 0.59% over last year; Duncan reports a benchmark price of $282,600 which is a decrease of 0.21% from last year; Nanaimo’s benchmark price was $338,600 rising 0.87% over last year; Parksville/Qualicum has a benchmark price of $349,500, which is virtually unchanged from last year; and the price for a benchmark home in Port Alberni is listed at $193,600 increasing 2.2% from last year.

Balanced Market Conditions Good News for Buyers and Sellers

May 2014
NANAIMO, BC – Home sales across the Vancouver Island region have remained relatively steady over the past four months, indicating stability and renewed confidence in the residential housing market.

A total of 360 single-family homes sold on the Multiple Listing Service® (MLS®) system in the VIREB coverage area in April 2014. This represents a 1.1% increase over unit sales recorded last month, and a 12% decrease in unit sales over April of last year.

According to VIREB president, Blair Herbert, although unit sales have edged down slightly from this time last year, when looking at the 12 month-to-date comparative figures, the Board is actually reporting a 15% increase.

“We are coming off of four months of strong sales activity in 2014, compared to a slow market in the first quarter of 2013, so we are not concerned by the slight dip in activity this month,” said Herbert.
Total active listings on the MLS® in the VIREB coverage area currently sit at 2,654, a 4.26% decline from April 2013.

“While our inventory levels are still lagging a bit from last year, our sales to listing ratio is still fairly typical,” said Herbert. “This is helping to keep us in balanced market territory, with pricing remaining relatively stable overall.”

In April 2014, the benchmark price for a single-family home in the VIREB coverage area was $314,500 with an MLS® HPI index value of 147.8. (This represents a 47.8 per cent increase since January 2005, when the index was 100). The benchmark price is up 0.54 per cent from last month and increased 1.51 per cent over last year. The average price of a single-family home in the VIREB area was $343,353 which is up 6% over this time last year.

“Low interest rates continue to underpin demand in the spring market,” noted BCREA’s chief economist, Cameron Muir. “We anticipate a seasonal influx of listing activity, and anticipate the second half of the year will be stronger in terms of sales activity as the economy begins to pick up.”

The benchmark price for a single-family home in the Campbell River area was $268,000, up 4.78 per cent over this time last year; in the Comox Valley the benchmark price was $319,600 marking a slight increase of 0.46 per cent over last year; Duncan reports a benchmark price of $283,100 which is virtually unchanged from last year, increasing a mere .07 per cent; Nanaimo’s benchmark price was $335,700 up 2.86 per cent over last year; Parksville/Qualicum has a benchmark price of $349,500, rising 1.58 per cent from last year; and the price for a benchmark home in Port Alberni is listed at $183,600, an increase of 3.17 per cent over last year.

March Market Characterized by Marginal Growth

April 2014
NANAIMO, BC – Sales activity across the Vancouver Island housing market area continued its marginal trend upward for the month of March.

A total of 357 single-family homes sold on the MLS® system in the VIREB coverage area in March 2014. This represents a 27% increase over the 281 sales recorded both last month, and last year at this time.

According to BCREA chief economist, Cameron Muir, although unit-sales seem strong, it is important to compare these figures to the ten-year average to gain a more accurate picture of market trends.
“When comparing unit-sales over a longer period of time, we are actually down 12.6 per cent from the ten-year average, but it is encouraging to see the market moving in the right direction.”

In March 2014, the benchmark price for a single-family home in the VIREB coverage area was $312,800 with an MLS® HPI index value of 147.0. (This represents a 47 per cent increase since January 2005, when the index was 100). The benchmark price is down 0.75 per cent from last month and increased 1.59 per cent over last year. The average price of a single-family home in the VIREB area was $345,164, which is up 10% over this time last year.

“Even with the positive increase in prices, the Vancouver Island market is very affordably priced for buyers in comparison to some of the larger markets across the country,” said VIREB President, Blair Herbert. “In terms of overall value for your dollar, our market is quite attractive.”

The benchmark price for a single-family home in the Campbell River area was $261,800, up 5.35 per cent over this time last year; in the Comox Valley the benchmark price was $320,700 marking an increase of 1.05 per cent over last year; Duncan reports a benchmark price of $284,300 which is up 1.17 per cent from last year; Nanaimo’s benchmark price was $330,500 rising 2.07 per cent over last year; Parksville/Qualicum has a benchmark price of $344,800, dipping 0.29 per cent from last year; and the price for a benchmark home in Port Alberni is listed at $189,600 increasing 5.10 per cent from last year.

Balanced Island Market Conditions Moving Into Spring

March 2014
NANAIMO, BC – Sales activity across the Vancouver Island housing market area continued its gradual upward climb this February, with reports of healthy sales activity across the Board.

A total of 282 single-family homes sold on the MLS® system in the VIREB coverage area in February 2014. This represents a 24% increase over the 228 sales recorded in February 2013, which is up significantly from last month, which reported 212 unit sales.

VIREB president, Blair Herbert, is encouraged that market activity has been trending upwards for the past few months, and is cautiously optimistic that we will continue to see slow continued growth throughout 2014.

“Over the past few months, we have witnessed strong year-over-year percentage gains in terms of unit sales; however, it is important to note that last year marked a cyclical low in sales activity, so our numbers are not trending as high as they may appear,” he stated. “That being said, when looking at our sales figures over a longer period of time, our activity is close to reaching the ten-year average, so things are definitely moving in the right direction in terms of achieving balanced market conditions.”
In February 2014, the benchmark price for a single-family home in the VIREB coverage area was $310,400, with an MLS® HPI index value of 145.9. (This represents a 45.9 per cent increase since January 2005, when the index was 100). The benchmark price is down 0.9 per cent from last month and increased 1.39 per cent from last year. The average price of a single-family home in the VIREB area was $345,164, which is up 10% over this time last year.

“Although pricing has remained relatively flat over the last couple of months, we anticipate that this slow and steady market growth could produce a bit of upward pressure on pricing moving forward,” said Jason Finlayson, VIREB President-Elect. “While we haven’t experienced significant gains thus far, the market is still quite price sensitive, so it is important to contact a local REALTOR® in your area to ensure your property is priced correctly.”

The benchmark price for a single-family home in the Campbell River area was $265,400, up 7.2 per cent over this time last year; in the Comox Valley the benchmark price was $317,700 marking an increase of 1.33 per cent over last year; Duncan reports a benchmark price of $273,200 dipping 2.63 per cent from last year; Nanaimo’s benchmark price was $328,900 up 1.38 per cent over last year; Parksville/Qualicum has a benchmark price of $346,500, rising 2.63 per cent from last year; and the price for a benchmark home in Port Alberni is listed at $193,400, increasing 5.07 per cent from last year.

Island Market Showing Signs of Vitality in New Year

Feb. 2014
NANAIMO, BC – Sales activity across the Vancouver Island housing market area is in full swing this January, with reports of healthy inventory levels and unit sales across the Board.

A total of 212 single-family homes sold in the VIREB coverage area on the MLS® system in January 2014. This represents a 15% increase over the 184 sales recorded in January 2013, and almost no change from last month, which reported 210 unit sales.


VIREB president, Blair Herbert, is encouraged by the healthy sales activity occurring across the market coverage area.
“The market began to show signs of vitality in the latter half of 2013, and this momentum has continued to build as we move forward into January. The numbers definitely bode well for our spring market,” he stated.


In January 2014, the benchmark price for a single-family home in the VIREB coverage area was $307,700, with an MLS® HPI index value of 144.6. (This represents a 44.6 per cent increase since January 2005, when the index was 100). The benchmark price is down 0.1 per cent from last month and increased 0.8 per cent from last year. The average price of a single-family home in the VIREB area was $318,628, which is the same as it was this time last year.


According to BCREA economist, Brendon Ogmundson, VIREB is right on-target to meet its forecasted growth for the year.


“Currently, VIREB is on-track to meet its 1.5% projected sales growth for 2014. Pricing continues to remain relatively flat; however, we do anticipate a slight increase later this spring.”


The benchmark price for a single-family home in the Campbell River area was $259,700, up 5.7 per cent over last year; in the Comox Valley the benchmark price was $319,000, an increase of 2.4 per cent over last year; Duncan reports a benchmark price of $272,700, dipping 5.8 per cent from last year; Nanaimo’s benchmark price was $324,200, up 0.8 per cent from last year; Parksville/Qualicum has a benchmark price of $346,000, up 3.4 per cent last year; and Port Alberni is listed at $186,000 for a benchmark home, increasing 5.3 per cent from last year.

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