Wednesday, October 04, 2006
Values stronger in September, volume down
FOR IMMEDIATE RELEASE
October 3, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for September 2006, shows average selling values rising and sales volumes declining from the previous month.
The average sale price across the VIREB region for September 2006 was $306,005. This is a 15 per cent increase from the $265,774 posted at the end of September 2005, and a small increase from August 2006 as well. Unit sales volumes in September 2006 were down in all but one of the six VIREB zones from the previous month (August 2006).
VIREB President Darrell Paysen says the market remains active: "September was definitely busier than August. There are lots of buyers out there and things are settling into a more normal, sustainable market which we had been anticipating."
Average sale prices across VIREB's six zones, from September 2005 to September 2006: Campbell River increased 13 per cent (to $266,005), the Comox Valley was up 17 per cent (at $304,961), Nanaimo is up 17 per cent (to $330,4310), Parksville/Qualicum grew 11 per cent (to $357,0140, Port Alberni increased 37 per cent (to $202,241) and Duncan's increased 18 per cent (to $334,572).
"If ever there was a time to work with your local REALTOR, it would be now as market conditions are adjusting," says Paysen.
"With more selection to choose from, Buyers are looking for very specific things. It's very important that Sellers work with their REALTOR, in order for properties to be right priced and buyers need to make their best offers."
Paysen and several other members of the VIREB Board have just returned from national association meetings in Halifax. "We attended several sessions on demographics and we're already seeing the start of baby boomers retiring in large numbers.
"One expert talked about the boomers weren't retiring, but simply making a lifestyle change to become active retirees. They want to golf, boat and hike and not just sit in the easy chair and that's what brings many of them to Vancouver Island."
VIREB represents approximately 1,072 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, 250-390-4212
October 3, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for September 2006, shows average selling values rising and sales volumes declining from the previous month.
The average sale price across the VIREB region for September 2006 was $306,005. This is a 15 per cent increase from the $265,774 posted at the end of September 2005, and a small increase from August 2006 as well. Unit sales volumes in September 2006 were down in all but one of the six VIREB zones from the previous month (August 2006).
VIREB President Darrell Paysen says the market remains active: "September was definitely busier than August. There are lots of buyers out there and things are settling into a more normal, sustainable market which we had been anticipating."
Average sale prices across VIREB's six zones, from September 2005 to September 2006: Campbell River increased 13 per cent (to $266,005), the Comox Valley was up 17 per cent (at $304,961), Nanaimo is up 17 per cent (to $330,4310), Parksville/Qualicum grew 11 per cent (to $357,0140, Port Alberni increased 37 per cent (to $202,241) and Duncan's increased 18 per cent (to $334,572).
"If ever there was a time to work with your local REALTOR, it would be now as market conditions are adjusting," says Paysen.
"With more selection to choose from, Buyers are looking for very specific things. It's very important that Sellers work with their REALTOR, in order for properties to be right priced and buyers need to make their best offers."
Paysen and several other members of the VIREB Board have just returned from national association meetings in Halifax. "We attended several sessions on demographics and we're already seeing the start of baby boomers retiring in large numbers.
"One expert talked about the boomers weren't retiring, but simply making a lifestyle change to become active retirees. They want to golf, boat and hike and not just sit in the easy chair and that's what brings many of them to Vancouver Island."
VIREB represents approximately 1,072 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, 250-390-4212
