Nanaimo Real Estate Market Snapshot to March 27 2015
For the week to March 27st there have been reported 46 sales of homes over $100,000 in Nanaimo and Protection Island. (Down 5 on the week.)
There were 81 new listings of houses. (Down 1 on the week.)
There are 860 homes listed in Nanaimo above $100,000.
The most expensive home reported sold in Nanaimo last week was on Lantzville Rd for $890,000. It appears this was purchased in 1975 for $70,000. It is likely there has been substantial investment in the interim.
The largest winner was a sale on Cilaire. It appears the purchase was way back in 1986 for $74,000 and sold this past week at $360,000 for a gain of 486%.
Definitely owning beats renting for return on investment.
There were 10 sales where the previous purchase was over 10 years ago.
The average of last week’s sales from the time of purchase was 7 years.
25% sold between $110,000 and $285,000
25% sold to $345,000
25% sold to $406,000
25% sold to $890,000
There were 6 properties sold for more than $450,000 (down 7).
13 of the sales were either new construction or did not show any previous sale on the system (down 1).
Of the 33 which had previous sales; 4 had a lower sales price than the previous sale. All the losers had been purchased between 2007 and 2011.
If you would like to know the value of your home; call me for a free , no obligation valuation.