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.