Our local market is different than what you see on the news in Vancouver or Toronto, but nonetheless, it is a busy real estate market in Nanaimo for those buying and selling homes.
The number of homes sold fell from 157 in September to 114 in October. The number of homes listed in October was up 6% over the same month last year, and with the number of units reported sold down 3% from last month. The average sell price per unit last month was up 23% over October of 2015. The current median home price in Nanaimo is $450,000.
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Real estate market in Nanaimo
The real estate market comes down to supply and demand. There is a limited supply of new and existing homes for sale in the Nanaimo market, and there are more Buyers than there are homes available. Because of this, prices and sales go up. As a Buyer right now, you need to be on top of your market segment, watching the new listings and communicating with your REALTOR®. Your REALTOR® is going to give you the knowledge needed to be involved in “Multiple Offer” scenarios, so do your research and follow their advice. With the help of your REALTOR®, you could come out on top. Stay focused and know what you want.
Tips for sellers
As a Seller, you should be strategizing the best position for you in this busy market. It’s great to sell, and possibly for even more money than you originally thought, but there are still some challenges. Do you have a new home to go to? You are stuck with the same challenge as any buyer, competing for the home you want. Have you taken your REALTORS® advice and priced your home well? Houses that are overpriced will continue to sit on the market even in the best markets. You have to be priced well to succeed.