NANAIMO Jan. 2016 Dec. 2015 Jan. 2015
UNIT SALES: 63 73 63
SALE PRICE: $386,056 $403,678 $366,964
Nanaimo home sales were even when comparing Jan. 2106 and Jan. 2015. The average sale price was up 5%. The median house price was $350,000
An improving economy and rising employment levels in British Columbia are bolstering consumer confidence and spending. While inventory levels have been steadily declining, resulting in an increase in the benchmark price, The average MLS® residential price in the province is projected to increase 6.4 per cent in 2016 and a further 4.1 per cent in 2017.
Open house activity remains steady as we approach one of the slowest periods of the year, the Christmas holidays. January have moved fast out of the gates. Asian money continues to move our market as it spills over from an overheated Vancouver market. This trend is expected to continue.
The next 2 months represent the best time for you to negotiate a favourable price on a house or condo. Traditionally, existing housing inventory is getting more activity and the buyers tend to be more motivated to sell. If you wait for the spring market, you will likely pay more for your home. Contact me for a list of affordable, value added properties.
What a year you have had. Market conditions conspired to put you in the drivers seat. Those conditions remain in play but we are not sure how long they will last. Get your home ready for the market early. Be prepared to list by early February to get a step ahead of the spring inventory spike.
Rental income represents one of the safest, moderate rates of return on your investment dollar. Brick and mortar will weather uncertain economic periods and pay dividends you won’t see in other investment arenas, namely property price appreciation over time. Contact me for a list of investment grade properties.
For a full list of the market stats Click Here.