Nanaimo Real Estate Market Snapshot to April 25 2015
For the week to April 25 there have been reported 56 sales of homes over $100,000 in Nanaimo and Protection Island. (Down 4 on the week)
There were 71 new listings of houses. (down 2 on the week.)
There are 949 homes listed in Nanaimo above $100,000 (up 19).
The most expensive home reported sold in Nanaimo last week was on Shammy’s Place for $1,137,000. (There were 2 sold this week over $1,000,000.) It appears this was purchased in 1998 for $305,000. That would represent 273% increase in about 17 years or 16% per year (WOW!). Appears the previous purchase of this property was for $160,000 in 1987. That would represent 611% increase in about 28 years or 21% per year (again WOW!).
Another large winner was a sale on Kennedy. It appears the purchase was back in 2002 for $122,000 and sold this past week at $315,000 for a gain of 158% over 13 years or 12% per year.
Definitely owning beats renting for return on investment.
There were 18 sales where the previous purchase was over 10 years ago.
The average of last week’s sales from the time of purchase was 8 years.
25% sold between $109,000 and $280,000
25% sold to $345,000
25% sold to $429,000
25% sold to $1,137,000
There were 12 properties sold for more than $450,000 (n/c).
12 of the sales were either new construction or did not show any previous sale on the system (down 3).
Of the 44 which had previous sales; 8 had a lower sales price than the previous sale. All the losers had been purchased between 2007 and 2012.
If you would like to know the value of your home; call me for a free , no obligation valuation.