Easter’s “Egg-cellent” Spring Real Estate Market
“The Good Idea: Finding Easter eggs on Easter. The Bad Idea: Finding Easter eggs on Xmas.” ~Author Unknown
Did you know that Faberge eggs are the most expensive jeweled eggs in the world? In 2002, the Faberge “1913 Winter Egg” sold at auction for 9.6 million dollars!
Well…many of us will celebrate the Easter festivities tomorrow, and I thought that I would provide you with a current overview of Nanaimo’s real estate market and a few interesting facts about Easter. Did you know that an average US household will spend $131 on Easter each year, totaling $14.7 billion! After Halloween, Easter is the biggest candy consuming holiday with 120 million pounds of candy purchased. For many of us, the news always seems to have some interesting (and weird) stories that come from Florida and Easter is no exception. In 2012, Florida overturned a 45 year-old law preventing the dyeing of animals so as to allow people in Florida the legal right to dye baby chicks at Easter. The dye is either injected into the incubating egg or sprayed on the hatchling (like the photo above). I must confess that when I first read about this, I honestly thought it was a joke as I had never even heard of this practice before.
Easter is often the time that we see a surge in real estate transactions with more buyers putting their homes on the market, and buyers coming out of their winter hibernation and actively putting offers on properties. This year, we have seen an earlier Spring market in the Nanaimo area, which has resulted in a more active real estate market than the winter months. In fact, our market is definitely a seller’s market with multiple offers becoming increasingly common and
subject to the sale of a buyer’s home nonexistent.
Last month, 100% of lots listed for sale sold, compared to 95% in March 2016. 100% of single family homes listed for sale in March also sold and prices have increased 18% in March 2017 versus March 2016 with an average sale price of $502,696 for a typical home. Condos have also seen a significant increase with it taking only 17 days on average to sell last month compared to 126 days in March 2016 and an average sale price of $299,750 (up 17% over the same month last year). Patio homes have been selling very quickly – only 4 days to sell last month and for 26% more than March 2016 as the average sale price reached $394,870. Interest rates have remained steady, which has helped to strengthen the real estate market for Nanaimo.
With Easter only a few hops away, it is a good time to consider selling your home. Thinking about selling your home this Spring? Email our McCullough Team todayat firstname.lastname@example.org or contact us at RE/MAX of Nanaimo at 250-751-1223 for a FREE Maximum Home Audit of your property, which will not only provide you with a current value of your home, but an in-depth review of factors that may affect the value of your home. We will provide staging and updating tips that will specifically help your home sell FASTER and for MORE MONEY!
Brian & Myles McCullough