Real Estate Statistics for November 2018

Posted on December 7, 2018 by Ian Hodson

Real Estate Statistics for November 2018
 

		November 2018	October 2018	November 2017
Nanaimo
Unit Sales:		76	121	116
Average Sale Price:		$532,299	$559,149	$531,307
Parksville / Qualicum
Unit Sales:	38		54	59
Average Sale Price:	$601,374		$659,265	$612,156

Nanaimo home sales decreased 34% in November 2018 when compared with November 2017. The average sale price was virtually unchanged. The median house price was $495,000.

Parksville/Qualicum home sales decreased 36% in November 2018 when compared with November 2017. The average sale price decreased 2%. The median house price was $571,000.
 
Synopsis for Nanaimo
 
In Nanaimo for November 2018 there were 313 active listings of single family freehold homes, which is 18% higher then November 2017.
 
The graphs below are for Nanaimo and show the average sold numbers and average sold price since 2014 (single family homes only.)
 


The following graph shows the % difference of the housing price index (HPI) from the same month 12 months ago. It is split into the different sub-areas and is for single family homes.

 
The following graph shows what is called the absorption rate. This is the time it would take the current homes for sale, to sell, if no new homes were listed, which indicates whether we have a sellers, balanced or buyers market. The 3 rates are based on 1, 6 and 12 months of sales data.
 
 
As the year comes to a close we are seeing an increase in homes for sale but a decrease in sales, compared to the same period last year. The average price is also dropping compared to when it peaked in September ($582,115) and is now at the same level as November of 2017. This all points to us moving into a more balanced market, however, any homes listed for under $500,000 are still proving very popular and it is generally the higher priced homes that have seen more of a slowdown.
 
These figures do concentrate on single family homes but if you would like similar information for other property types, such as apartments or patio homes, or specific geographical areas of Nanaimo or Parksville/Qualicum, then I would be more than happy to discuss those with you as well.
 
As always I hope you find these monthly newsletters informative and if at any time you or any of your friends, relatives or co-workers are looking for a professional realtor to help them buy or sell a home, or just have a real estate question, please call my personal cell, 250-739-1228, or drop me an email.
 
Thank you,
Ian Hodson