Real Estate Blog

Market Update - May 2020 Stats

Tue, 09 Jun 2020 18:21:20 GMT

Hi,

As our province begins to reopen and people are finding their way in this new normal, we are seeing business start to ramp up again. We are incredibly grateful to be out and about doing what we love. Although this new way of business might look a little bit different, we are still smiling under our masks!

A lot of the people who had expressed to us that they were waiting to see what this pandemic would bring before listing are starting to get their homes on the market, and we are seeing a promising amount of traffic through the homes with favorable offers coming in.

If you are concerned about having traffic through your home or walking through a strangers home, here are some of our new procedures we have put into place to keep everyone safe:

We can provide masks for all parties while viewing a potential home and ask that any Buyers Agents bringing clients through your home do the same
Any viewings will require that only the Agent touch surfaces (open doors, light switches, cabinets ect.) and use a disinfectant wipe to clean all touched surfaces upon exit.
Hand Sanitizer can be provided if required
We will limit the amount of people during any showings to only those that need to be present on first showings, if further interest still, second showings can be booked for any additional family members.
We offer virtual showings and open houses! We can either live stream to social media and do a video walk through for everyone or we can facetime and walk through for a one on one showing.
We ask clients to do a drive by of the home whenever possible to ensure they like the area and "first impression" of the home.

For an idea of the effect COVID-19 has had on our showing traffic for the month of May we have a comparison of the showings request for all of our Vancouver Island Board area:

In May 2019 there were 21,353 showing requests while May 2020 seen almost a 50% decrease in traffic at 11,699 showing requests.
The showings seem to pick up as the month went on, the first week in May 2020 seen 1939 showing requests and the last week of May had 3270.

Now lets get into the full market stats for the Nanaimo area:

Total Unit Sales

There were 137 total units sold this May in the Nanaimo area, which is down only 31% from this time last year.
There were 950 active listings this May, compared with 999 this period last year, so the inventory hasn't been affected too much.
There were 322 new properties listed in May this year which is a 31% decrease from the 468 listed last May.
The average days to sell is sitting at 32 days, which is up from the 29 days we were at last May.

*Note, these totals include ALL Real Estate divisions including IC&I*

Single Family Homes

The average sale price of a Single Family home in May has gone down 2%, its currently sitting at $578,514
May saw 310 active Single Family Home listings while this time last year had 382.
Average days to sell this May was 26 days, which up slightly from the 24 days we were sitting at last May.
There were 70 sales reported for May this year in this category which is down almost 50% from the 136 last May.

Apartment Style Condos

Condo prices are virtually unchanged with the average sale price for May 2020 sitting at $291,620, only a $20 difference from last May's average price.
May of this year saw 154 active condo listings which is up substantially from the 87 we had this time last year.
Days on market is sitting at 46 days for May of 2020 which is up substantially from the 21 days average for last May.
There were 23 reported sales for May of this year in this category, comparable to the 29 reported sales last May.

Vacant Lots

The average sale price of a vacant lot is up 9% from this time last year. It’s currently sitting at $295,000.
This time last year there were 130 active lot listings, there is slightly less choice this year with that number sitting at 100.
The average days to sell a Lot for this time last year was 32 days. This May that number is down to 32 days.
There was only 1 reported sale for May of this year in this category.

Average Sale Info by Neighbourhoods

The highest average sale price was $720,000 in the Lower Lantzville area
The lowest average sale price is $397,333 in the Old City area.
North Nanaimo saw the most sales again, in May with 13 sales.
Brechin Hill was the only neighborhood that did not have any reported sales for May 2020.

As always, if you want to know what this means for you or there is something we can help you out with please call us at any time! We always love to hear from you!

We look forward to talking soon

March Real Estate Update - Stats and COVID-19 Report

Mon, 13 Apr 2020 17:10:22 GMT

By now we are all aware of the severity of COVID-19 and most of the details surrounding it so we won't get too far into that but what we do find people are still asking us is what this all means for the Real Estate market here in Nanaimo. During our last RLP video conference meeting one of our speakers said something that resonated with me. When asked about the future of the market when we get back to work he simply said "I am not going to try and predict the future because people smarter than I am, are going to get it wrong". Now the reason that stuck with me is that no matter how much experience you have in this industry, no one has ever gone through this before or seen what is on the other side.

What I do want to look at is some information and stats about what has happened over the past month and let you make your own decisions.

Our Royal LePage Website has gotten over 90,000 impressions in the past month. To me, that means people are still looking and preparing for when they might be able to buy/sell.
We (as well as our colleagues) have a large group of clients on both the buying and selling side that are ready to go as soon as it is safe to do so.
Our internal showing request system released some numbers on showing requests within the Vancouver Island Real Estate Board, for the first 14 days in March there were 7,682 showing request sent. For the last 16 days in March there were 2,951 which is a 62% drop.
In March 2019 there were 18,396 Showing Requests, in March 2020 there were 10,633.

We have had some clients reach out about potentially listing or going to look at properties to purchase over the past week and I would like to share our thoughts on that as well:

While Real Estate has been deemed an essential service, we are taking the responsibility of the word "essential" very seriously. We are asking all current clients to ask themselves:

Is it absolutely necessary to view homes or list your home during the next two weeks?

If it is essential that you make a move quickly and the next two weeks are crucial, we WILL be there for you to help make this happen, however IF you can wait we are recommending you do.

We want you to know that we greatly value you and your business and look forward to when we can get back to seeing your faces again!

We would like to make a few personal notes:

If you or your family members require anything in the Nanaimo area such as groceries, prescriptions or any other supplies delivered please don't hesitate to reach out. We truly believe in supporting our communities in any way we can during this time.
Milner Group is putting on a great community support initiative, they are offering 2 yards or premium soil for FREE on Saturday, April 11th at their location on Biggs Rd. This is a great chance to get your garden started!
If you would like to talk about your options for mortgage payment deferrals or need some assistance with applying please feel free to call us and we will assist you in any way we can.
We would like to sincerely thank all those who are still out on the frontlines working to ensure our communities are cared for and have everything we need to comfortably get through this pandemic!

For those of you who want to see what the Stats look like, I have included our regular Stat report. This is the first month that will have affected numbers since the first half of the month was business as usual but the last half of the month was effected by COVID-19.

Total Unit Sales

There were 148 total units sold this March in the Nanaimo area, which is down only 7% from this time last year.

There were 914 active listings this March, compared with 862 this period last year.

There were 364 new properties listed in March this year which is an 18% decrease from the 445 listed last March.

The average days to sell is sitting at 39 days, which is up from the 37 days we were at last March.

*Note, these totals include ALL Real Estate divisions including IC&I*

Single Family Homes

The average sale price of a Single Family home in March has gone up 9%, its currently sitting at $592,262
March saw 288 active Single Family Home listings while this time last year had 313.
Average days to sell this March was 29 days, which down from the 34 days we were sitting at last March.
There were 90 sales reported for March this year in this category.

Apartment Style Condos

Condo prices are up 17% this month, with the average sale price for March 2020 sitting at $341,923.

March of this year saw 146 active condo listings which is up substantially from the 77 we had this time last year.

Days on market is sitting at 58 days for March of 2020 which is up substantially from the 29 days average for last March.

There were 13 reported sales for March of this year in this category.

Vacant Lots

The average sale price of a vacant lot is down 15% from this time last year. It’s currently sitting at $253,455.

This time last year there were 108 active lot listings, there is slightly less choice this year with that number sitting at 97.

The average days to sell a Lot for this time last year was 72 days. This March that number has gone way up to 144 days.

There were 11 reported sales for March of this year in this category.

Average Sale Info by Neighbourhoods

The highest average sale price was $731,500 in the Upper Lantzville area

The lowest average sale price is $432,312 in the Central Nanaimo area.

North Nanaimo saw the most sales again, in March with 15 sales.

There were 2 neighborhoods ( Extension, and Brechin Hill) that did not have any reported sales for March 2020.

As always, if you want to know what this means for you or there is something we can help you out with please call us at any time! We always love to hear from you!

We wish you and your family, health and happiness during this time.

Stay safe!

January 2020 Market Review

Tue, 04 Feb 2020 20:34:49 GMT

January Market Stats

Nanaimo Area

Total Unit Sales

There were 124 total units sold this January in the Nanaimo area, which is down 5% from this time last year.
There were 767 active listings this January, compared with 760 this period last year.
There were 270 new properties listed in January this year which is a 8% drop from the 294 listed last January.
The average days to sell is sitting at 41 days, which is down significantly from the 54 days we were at last January.

*Note, these totals include ALL Real Estate divisions including IC&I*

Single Family Homes

The average sale price of a Single Family home in January 2020 has gone up 11%, its currently sitting at 603,720
January 2020 saw 215 active Single Family Home listings while this time last year had 266.
Average days to sell this January was 46 days, which isn’t a huge change from the 43 days we were sitting at last January.
There were 43 sales reported for January this year in this category.

Apartment Style Condos

Condo prices are down 9% this month, with the average sale price for January 2020 sitting at $295,786.
January of this year saw 103 active condo listings which is down slightly from the 109 we had this time last year.
Days on market is sitting at 41 days for January of 2020 which is up from the 34 days average for last January.
There were 22 reported sales for January of this year in this category.

Vacant Lots

The average sale price of a vacant lot is down only 4% from this time last year. It’s currently sitting at 258,500.
This time last year there were 70 active lot listings, there is a lot more choice this year with that number sitting at 111.
The average days to sell a Lot for this time last year was 56 days. This January that number has gone up slightly to 64 days.
There were 8 reported sales for January of this year in this category.

Average Sale Info by Neighbourhoods

The highest average sale price was $776,500 (from 4 sales) in the Departure Bay area
The lowest average sale price is $365,000 (from 1 sale) in the Pleasant Valley area.
North Nanaimo saw the most sales, in January with 10 sales.
There were 4 neighborhoods (South Jinglepot, Extension, Old City and Lower Lantzville) that did not have any reported sales for January 2020.

Effectively Pricing a Home

Mon, 13 Jan 2020 22:42:25 GMT

What factors contribute to pricing a home?

The main factor in pricing a home is the state of the current market. Now this can change from month to month which is why it is so important to get a Real Estate Professional in to give you the most up to date advice!

The next major thing to consider is the location. Are you in a sought after neighbourhood? Is there any good schools nearby? Are the homes on your street all single family homes, new builds, older homes or maybe multi family units? Tell us what brought you to this particular neighbourhood so we can use that to draw in the next buyer!

Then we look at the home itself. When was it built? Have you done any updates? How big is the home? What amenities does it have? How big is the lot?

Pricing a home is the single most important part of getting it sold. If a home is over priced it can end up sitting on the market too long and deter people from even looking, where as a sharply priced home can attract multiple offers and potentially sell for more than asking.

The bottom line is this. Anything will sell if it is priced right but the key is finding that line while still getting you the most money in your pocket. That is where we come in! Give us a call today and let us help you get the most money for your home!

Is Strata Life for You?

Mon, 13 Jan 2020 22:40:08 GMT

To Strata or not to Strata… Have you ever wondered if it’s the right fit for you?

Buying a home can be a confusing process, with so many options to choose from, its hard to know what is going to be a good fit for you. One of the first things you will need to decide on is whether you are looking for a freehold or strata property. There are a few key points to consider when making this choice.

How much control do you want? Strata’s are run by a Board of Directors and governed by a long list of Bylaws. These bylaws control the use of the property (among other things) including inside your own home like pets, rentals, smoking and what is allowed on your exterior walls and windows.
Maintenance: The common areas (lawns, hallways, safety systems etc.) of Strata properties are maintained by contractors and generally do not require much upkeep from the owners.
Easily budgeted for: Each Strata will have monthly strata fees for each unit to pay. This is a set amount that will usually include your water, sewer and garbage usage along with the maintenance.
Each unit is responsible for the whole building: This one has pros and cons, the nice things about this is that if the roof needs to be redone it is the responsibility of a whole complex to share the cost instead of one individual person and capital expenditures like a roof should be paid by the Contingency Reserve Fund (“CRF”). The scary things about this fact is that if there is not enough money in the CRF then the Strata can put out a special assessment (basically a cash call) to all owners to make up the difference.

If you are thinking that a Strata might be a good fit for you the most important thing you can do is research. Making sure to pick the right Strata for you can make all the difference! You want to read through the meeting minutes from the Strata Meetings and any past AGM’s, looking for things like repairs coming up, legal cases, deficiencies, upcoming bylaw changes and in general any complaints that owners may be bringing up. You also want to check the financials to ensure the Operating Fund and Contingency Reserve Fund are all properly funded. You can check the Reserve Fund Study to see what is suggested to be available to cover the planned repairs/replacements in the future.

It is a lot of information and the best way to decide is to talk it over with your Real Estate Professional and get some advice that fits your specific situation.

Staging Your Home for Sale

Mon, 13 Jan 2020 22:38:10 GMT

Are you thinking about listing your home? Getting ready for listing photographs? Maybe you have a showing and are wondering what will present your home in the best possible way… If this sounds like you then read on for some staging tips that will help sell your home fast.

Keep it simple: When someone walks into your home they want to be able to imagine it as their own. That means you should remove most knickknacks and personal photographs allowing room for the buyer to imagine their own items around the room.
Show off the space: You want every room to appear as big as possible so remove any oversized furniture items that don’t fit the space well.
Make the kitchen appeal to a chef: Clear off the counters, people want to see a big usable space to work with. Leave only a few essentials that can multi task as décor (think nicely set up coffee station or recipe book on stand).
CLEAN: I know this one seems obvious, but nothing can turn off a buyer faster than a dirty/smelly house. Take the extra time to wipe down things like window sills, appliances, and floors if needed. Make the beds and organize your closets. Take out the garbage. Check the toilets (especially if you have kids!)
Make a good first impression: A lot of buyers will drive past a home for sale before even making the viewing appointment. Make sure your home looks inviting and cared for. Mow the lawn, tidy up the gardens, remove any junk or trash from the property, pressure wash any siding or porches that look grimy.
Create a warm feel: This one is just for showings, if you have people coming through your home you need to ensure the home is a nice temperature, make it as bright as you can and put some ambient music on in the background.

Why We Use a Professional Photographer for ALL of our Listings

Mon, 13 Jan 2020 22:36:39 GMT

These photos are of the same property/pool... Pretty unbelievable right?? The key difference is that the first photo is taken by the owner, the second is taken by our Photographer (Tony Puerzer). Using a different angle, better camera, optimal lighting and a professional photographer, you can see the true beauty of the home, which would have been otherwise missed. We bring Tony in (at no additional cost to our clients) to photograph ALL of our listings so we are sure to capture the attention of all potential buyers.

Along with professional photography we also shoot a personalized listing video to showcase the home online, provide color floor plans for clients to get a feel for the layout, leave a listing binder in the home for showings that provide any additional information on the property that a buyer might want to know and color feature sheets that they can take with them to remember all the highlights of your home.

Thinking of listing your home? Call us today to set up your free, in home consultation and let us show you what we can do!

Kitchen Lighting

Mon, 13 Jan 2020 22:34:34 GMT

Kitchen Tip 101 - Did you know that changing up your light fixtures can change the whole feel to your space! This can be a relatively inexpensive way to freshen up a room. Some well placed pendant lights over an island can create a warmers and more inviting feel to your whole kitchen!

Thinking about selling? Give us a call to arrange a walk through where we can give you more tips to make your home stand out from the rest!

Let's Talk Finances

Mon, 13 Jan 2020 22:33:08 GMT

Thinking about purchasing a new home? Lets talk finances!

Organizing your finances is the critical first step in your home purchase:

Consider the one-time costs associated with a home purchase, including a down payment, legal fees, taxes and moving expenses.

Understand ongoing monthly costs, including mortgage payments, insurance, utilities, property taxes, maintenance and, if applicable, condo fees.

Take into account the equity you may have in your current home and the applicable mortgage options available for your next move.

Pre-qualifying for a mortgage gives you the comfort of knowing how much you can afford and what your monthly payments will be.

A pre-approval from a mortgage lender protects you against interest rate increases for a given period during your home search.

Ask for Help:
We can help provide you with tools and resources to organize your finances. Put our expertise to work for you and learn more about the steps involved in purchasing a home

Choosing the Right Property - Needs & Wants

Mon, 13 Jan 2020 22:26:06 GMT

If you are thinking about buying your first home then you will need to break down what sort of property will work for you.

With an appreciation of what you can afford, determine your needs and wants within your home purchase price range:

Consider your current lifestyle as well as any lifestyle changes you foresee longer term.

Select an urban, suburban or rural location that best serves the needs of your evolving lifestyle.

Choose neighbourhoods in close proximity to the amenities that are most important to you like schools, shopping, entertainment, recreation and transportation.

Consider your commute times to work, school, friends and family.

Determine the size of home you require, such as the minimum number of bedrooms, as well as any other space requirements, like room for a home office.

Understand the home features most important to you, such as additional bathrooms or a large yard.

Decide on a property type that suits your lifestyle, needs and finances whether condo, townhouse, single or multi-family dwelling.