For the week to March 21st there have been reported 51 sales of houses over $100,000 in Nanaimo and Protection Island. Up 1 on the week.
There were 82 new listings of houses. Up 2 on the week.
The most expensive home reported sold in Nanaimo last week was on Bella Vista for $825,000. It appears this was purchased in 2007 for $768,000. Up approximately 7% over 7 years. It appears there was a transaction in 2004 at $483,000. Certainly a 71% increase in 10 years is a good increase.
The largest winner was a sale on Rutherford. It appears the purchase was way back in 1992 for $140,000 and sold this past week at $402,000 for a gain of 288%.
Definitely owning beats renting for return on investment.
There were 7 sales where the previous purchase was over 10 years ago.
The average of last week from the time of purchase was 6 years.
25% sold between $130,000 and $235,000
25% sold to $328,000
25% sold to $460,000
25% sold to $825,000
There were 13 properties sold for more than $450,000 (down 3).
14 of the sales were either new construction or did not show any previous sale on the system (down 3).
Of the 37 which had previous sales; 6 had a lower sales price than the previous sale. All the losers had been purchased between 2006 and 2011.
If you would like to know the value of your home; call me for a free , no obligation valuation.