November Sales Report
This month we saw a decline in the number of single family homes sold for the past three months. September saw 182 sales, October 149 and November 98. This is down 9% from 2015. Its not unusual to see a lower number of sales as we get closer to Christmas. 128 new homes were listed bring the total number of homes for sale to 229, 25% less than one year ago. There are many different segments to the real estate market and we are still seeing multiple offers. Patio homes are very rare with one listed for $385,000 that sold for $425,000. The most offers I have heard of at one time was 17 for a home in Departure Bay. That can be very stressful for home buyers. It appears we will finish 2016 selling about 1,800 single family homes a 20% increase from 2015 with our average price in the $445,000 range. Even though the Vancouver market is slowing we still have a pent up demand from home sellers there who want to relocate to the Island. As Victoria prices rise, the Nanaimo area will continue to be an attractive option.