Real Estate Statistics for March 2018

Posted on April 5, 2018 by Ian Hodson

Real Estate Statistics for March 2018
 

		March 2018	February 2018	March 2017
Nanaimo
Unit Sales:		101	85	152
Average Sale Price:		$551,392	$551,961	$502,185
Parksville / Qualicum
Unit Sales:	53		49	79
Average Sale Price:	$667,542		$628,632	$521,542

Nanaimo home sales decreased 34% in March 2018 when compared with March 2017. The average sale price increased 10%. The median house price was $537,500.

Parksville/Qualicum home sales decreased 33% in March 2018 when compared with March 2017. The average sale price increased 28%. The median house price was $629,000.
 
Synopsis
In Nanaimo for March 2018 there were 272 active listings of single family freehold homes, which is 11% lower then March 2017. There were 101 reported sales which is 34% lower then March 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.

There is an interesting article by the Chief Economist of the BC Real Estate Association (BCREA) about how the latest proposals from the BC Government to try and drive down house prices could have some unanticipated consequences - http://bcrea.bc.ca/docs/economics-forecasts-and-presentations/the-economic-fallout-of-housing-price-shocks.pdf?sfvrsn=2.
 
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