Thursday, July 27, 2006
Real estate values climb in June
FOR IMMEDIATE RELEASE
July 6, 2006
Real estate values climb, volume slows in June
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for June 2006, shows continuing increases in values and an anticipated decline in volume.
The average sale price across the VIREB region increased to $308,678 at the end of June 2006. That's up 19 per cent from the $258,690 posted 12 months earlier at the end of June 2005.
Unit sales volumes across VIREB, from June 2005 to June 2006, were down 18 per cent (but only one per cent when the 12 month period ending June 2006, was compared to the 12 months ending in June 2005).
VIREB President Darrell Paysen says overall there is an increase in inventory with more properties being placed on the market and in some areas properties are taking a little longer to sell.
"Prices aren't coming down but the market has adjusted," he says. "If homes are priced too high, there have been some price reductions.
"However, homes priced at market value and ready to move-in have been selling quickly within a reasonable length of time," Paysen outlines.
"It's also not uncommon for things to level off a bit in the summer," he says.
Average sale prices across VIREB's six zones, from June 2005 to June 2006: Campbell River increased 19 per cent (to $270,903), the Comox Valley increased 17 per cent (to $302,974), Nanaimo is up 21 per cent (to $338,948), Parksville/Qualicum grew 8 per cent (to $349,690), Port Alberni increased 15 per cent (to $185,690) and Duncan's increased 21 per cent (to $330,201).
VIREB Vice President and Gabriola Island REALTOR Jennifer Lynch says this was a typical June. "Volume declines in each individual zone across VIREB are actually quite marginal and there are even fluctuations within some zones," she says, noting that prices on Gabriola have remained steady while prices have continued to increase in the rest of Nanaimo.
VIREB Director Marty Douglas, in the Comox Valley, says people can make too much out of the annual June slowdown.
"We will see normal levels of activity through September, probably more inventory to choose from, perhaps even a buyers market in the median price range and above," he says. "People still want to live here."
VIREB Director Dan Samson in Campbell River says he believes the market is changing a bit.
"The housing market is more stable now that inventory is going up. Buyers will now have an opportunity to look around a little bit. It's not panic buying, based on fear," he explains.
"I think we've been in a catch up marketplace, and things are now converting to a more normal market."
Paysen echoes that, noting industry analysts and economists have been forecasting a general leveling off by the end of the year.
"As such, housing affordability remains a key industry issue. This is part of the Quality of Life philosophy adopted by REALTORS in BC. VIREB supports growth that encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods," he says.
VIREB represents approximately 1,043 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
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VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.
REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
July 6, 2006
Real estate values climb, volume slows in June
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for June 2006, shows continuing increases in values and an anticipated decline in volume.
The average sale price across the VIREB region increased to $308,678 at the end of June 2006. That's up 19 per cent from the $258,690 posted 12 months earlier at the end of June 2005.
Unit sales volumes across VIREB, from June 2005 to June 2006, were down 18 per cent (but only one per cent when the 12 month period ending June 2006, was compared to the 12 months ending in June 2005).
VIREB President Darrell Paysen says overall there is an increase in inventory with more properties being placed on the market and in some areas properties are taking a little longer to sell.
"Prices aren't coming down but the market has adjusted," he says. "If homes are priced too high, there have been some price reductions.
"However, homes priced at market value and ready to move-in have been selling quickly within a reasonable length of time," Paysen outlines.
"It's also not uncommon for things to level off a bit in the summer," he says.
Average sale prices across VIREB's six zones, from June 2005 to June 2006: Campbell River increased 19 per cent (to $270,903), the Comox Valley increased 17 per cent (to $302,974), Nanaimo is up 21 per cent (to $338,948), Parksville/Qualicum grew 8 per cent (to $349,690), Port Alberni increased 15 per cent (to $185,690) and Duncan's increased 21 per cent (to $330,201).
VIREB Vice President and Gabriola Island REALTOR Jennifer Lynch says this was a typical June. "Volume declines in each individual zone across VIREB are actually quite marginal and there are even fluctuations within some zones," she says, noting that prices on Gabriola have remained steady while prices have continued to increase in the rest of Nanaimo.
VIREB Director Marty Douglas, in the Comox Valley, says people can make too much out of the annual June slowdown.
"We will see normal levels of activity through September, probably more inventory to choose from, perhaps even a buyers market in the median price range and above," he says. "People still want to live here."
VIREB Director Dan Samson in Campbell River says he believes the market is changing a bit.
"The housing market is more stable now that inventory is going up. Buyers will now have an opportunity to look around a little bit. It's not panic buying, based on fear," he explains.
"I think we've been in a catch up marketplace, and things are now converting to a more normal market."
Paysen echoes that, noting industry analysts and economists have been forecasting a general leveling off by the end of the year.
"As such, housing affordability remains a key industry issue. This is part of the Quality of Life philosophy adopted by REALTORS in BC. VIREB supports growth that encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods," he says.
VIREB represents approximately 1,043 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
- 30 -
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.
REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
