Ralph Kirby Realtor®

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Nanaimo Real Estate Market Snapshot to March 14 2015

Nanaimo Real Estate Market  Snapshot  to March 14 2015

For the week  to March 14th there have been  reported 54 sales of homes over $100,000 in Nanaimo and Protection Island.

25% sold between $158,000 and $285,000

25% sold to $360,000

25% sold to $450,000

25% sold to $810,000

There were  16 properties sold for more than $450,000

17 of the sales were either new construction or did not show any previous sale on the system. 

Of the 36 which had previous sales;  5  had a lower sales price than the previous sale. All the losers had been purchased between 2006 and 2010.

 

The largest winner was a sale on Bluejay Way. It appears the purchase was way back in 1989 for $77,000 and sold this past week at $276,000 a gain of 258%.

There were 15 sales where the purchase was over 10 years ago. This is interesting in that the average time a home is lived in is somewhere between 5 and 7 years.

The average of this group  was 9 years.

This is explained in part in that house prices in Nanaimo have not moved much since 2007. A lot of owners do not show a large increase in the last 8 years.

 

The most expensive home reported sold in Nanaimo last week was on Jameson for $810,000.  It appears this was purchased in 2008 for $795,000. Not much change for that period.

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