Market Update – Oct 2015

Inventory levels are still declining, with active listings down 15 per cent from one year ago however when I dig further into our market we do see 2 different markets immerging when it comes to inventory, with homes over the $600,000 increasing while the lower priced inventory is decreasing. 

In September 2015, the benchmark price for a single-family home in the VIREB coverage area was $340,200, a slight increase over August and up just under six per cent from one year ago.

Benchmark pricing tracks the value of a typical home in the reported area. The average MLS® price of a single-family home decreased marginally from $352,042 one year ago to $350,626 in September 2015. Nanaimo’s benchmark price rose 5.75 per cent to $358,100.

If you want to see the active inventory and sales for each area in Nanaimo click on the following links. Graphs are produced by Trenlii the company I co-founded to help REALTORS® track market trends.
NANAIMO, BC – Sales in the VIREB area edged back slightly in September, but the housing market remains robust, a trend expected to continue for the rest of the year.