As 2015 comes to a close and we say hello to a new year, let's take a look at Nelson's real estate market in 2015.
The following information is based off the information provided by the Multiple Listing Service therefore it does not include For Sale By Owners that did not have their homes listed on MLS.
All in all 2015 was a steady year for the real estate market in Nelson, BC.
There was a total of 181 Residential sales in Nelson (this does not include Nelson Rural). Now let's break that down:
- Single Family Residential - 137 sales
- Lots and Acerages - 13 sales
- Manufactured Homes - 3 sales
- Strata - 28 sales
How do the total sales of 2015 compare to previous years?
- 2014 - 169 total sales
- 2013 - 141 total sales
- 2012 - 155 total sales
- 2011 - 130 total sales
- 2010 - 158 total sales
As you can see, 2015 left us with the most residential sales in Nelson in the past 5 years.
In my previous blog post 'Nelson's Neighborhoods', I talked about the different areas within Nelson and their vast diversity. I talked about what was currently on the market in each area, but the more important question is, what actually sold in each area this past year?
- Fairview - 42 sales
- Gyro - 30 sales
- Downtown - 5 sales
- Uphill - 63 sales
- Rosemont - 38 sales
- Johnstone Road (across the orange bridge, within city limits) - 3 sales
The lowest selling price for Nelson this past year was $42,000. On the other side of things, the highest selling price was $695,000.
The average sale price for 2015 was around $315,000. How does this compare to past years?
- 2014 - $305,000
- 2013 - $280,000
- 2012 - $303,000
- 2011 - $280,000
- 2010 - $305,000
This year we had the highest average selling price of the past five years, but as you can see, real estate prices in Nelson remain relatively stable and have remained within a fairly tight price range the past five years.
Average days to sell: about 110.
The month of May had the highest number of new listings followed by July, then April and then January.
Taking a look at the bigger picture, an article published by CREA (The Canadian Real Estate Association) on December 15th, 2015, expects that low interest rates will continue to support sales and prices this year.
CREA states that 'the forecast for national sales in 2015 has been revised higher, reflecting stronger than anticipated activity in B.C. and Ontario.'
'National sales are now projected to rise by five percent to 504,000 units in 2015, marking the second strongest year on record for home sales in Canade.'
They projected British Columbia to post the largest annual increase in sales activity in 2015. Saying that 'British Columbia will be the only province this year where average home prices rise faster than the national average.'
The national average price is forecast to edge higher by 1.4% to $448,700 in 2016 and British Columbia in particular is forecast to see average price gains of about two percent in 2016. CREA states that 'in contrast Alberta, Saskatchewan and Newfoundland and Labrador are forecast to see average home prices decline by 2.5%, 1.2% and one percent respectively in 2016.
Thanks for reading and I hope 2016 is an amazing year for each and every one of you! Don't hesitate to contact me with any real estate related questions.