Real Estate Statistics for October 2018
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October 2018 |
September 2018 |
October 2017 |
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Nanaimo |
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Unit Sales: |
121 |
98 |
128 |
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Average Sale Price: |
$559,149 |
$582,115 |
$515,798 |
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Parksville / Qualicum |
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Unit Sales: |
54 |
42 |
57 |
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Average Sale Price: |
$659,265 |
$575,763 |
$597,745 |
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Nanaimo home sales decreased 5% in October 2018 when compared with October 2017. The average sale price increased 8%. The median house price was $525,000.
Parksville/Qualicum home sales decreased 10% in October 2018 when compared with October 2017. The average sale price increased 10%. The median house price was $635,000.
Synopsis
In Nanaimo for October 2018 there were 335 active listings of single family freehold homes, which is 11% higher then October 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.
On October 24th the Bank of Canada raised its target for the overnight rate by 25 basis points to 1.75%. In the statement accompanying the decision, the Bank noted that the Canadian economy is expected to average growth of 2% over the second half of 2018 before slowing to 1.9% next year. The renegotiation of NAFTA is expected to lower uncertainty and boost business investment and exports while household spending and the housing market are stabilizing after the implementation of the B20 mortgage stress test. Inflation is expected to remain close to 2% over the Bank's two year projection horizon.
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
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