Sales of single-family homes declined in October, reflecting typically slower fall market conditions. However, due to a robust spring and summer housing market, the board is on target to end out the year as one of the stronger years for sales within the last 5 years.
We find some interesting trends with 2 different markets immerging, the largest decrease in single family homes inventory is in the price range between 400K – 500K at 60% less today then the same time of the year in 2011. Interestingly enough, here’s where things start to shift creating the 2 different markets with active inventory between 600K – 800K showing an 18%-24% increase over 4 years ago.
In October 2015, the benchmark price for a single-family home in the VIREB coverage area was $339,100, a slight decrease from September and up 5.60 per cent from one year ago. The average MLS® price of a single-family home increased to $361,665 compared to $350,661 last month and $349,172 in October 2014.
Nanaimo total inventory graph for the past year.
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