FOR IMMEDIATE MEDIA RELEASE
December 5, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for November 2006, shows volume declines continuing while prices continue to go up.
The average sale price across the VIREB region for November 2006 was $293,048. This is a 9 per cent increase from the $266,954 posted at the end of November 2005, and a small decline from October 2006.
Unit sales volumes in November 2006 were down across the VIREB region by just over 5 per cent from November 2005.
VIREB President Darrell Paysen says it remains a more balanced and sustainable market.
"We're back to what we consider normal. We're continuing to see an upward trend in prices while unit volume is down," Paysen says. "There is less sense of urgency because of the greater available inventory of properties and we're now into the traditional slow down around the festive season."
Average sale prices across VIREB's six zones, from November 2005 to November 2006: Campbell River increased 15 per cent (to $273,898), the Comox Valley was up 11 per cent (at $282,344), Nanaimo is up 7 per cent (to $311,417), Parksville/Qualicum grew 3 per cent (to $323,975), Port Alberni increased 5 per cent (to $199,661) and Duncan's increased 16 per cent (to $321,847).
"The market has corrected and shifted away from a straight seller's market. What we're seeing now is opportunities for both sellers and buyers who are realistic in their expectations," Paysen explains.
"With more selection to choose from, Buyers are looking for very specific things," he says. "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 says the outlook for the New Year is for more of the same.
"We're continuing to anticipate price increases in the 5 to 10 per cent per annum range, and a leveling off away from the record pace of the last few years," he says. "It will continue to be an active, sustainable market."
VIREB represents approximately 1,084 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.
# posted by VIREB @ 2:07 PM
