Lack of Inventory Continues to Drive Housing Market
December 1st, 2017
VIREB reports that single-family home sales last month dipped by seven per cent from Oct... more »
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February 1st, 2013
Multiple Listing Service® (MLS®) sales summary data for January released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island was down 14 percent compared to last year, while average sale prices dipped four percent. The average price of a single family home sold within the VIREB region in January was $318,202, down from the January 2012 average price of $332,270. The number of housing units reported sold last month were down compared to a year ago. In January 2012 there were 216 single family homes sold, in comparison 185 unit sales were recorded in January 2013.
“It has to be pointed out that our housing inventory is showing signs of shrinking and by the very nature of supply and demand - with fewer properties on the market there is a corresponding increase in sales activity for those reduced number of properties,” said VIREB President Gary Gray. “We’re on the cusp of some potential improvement in the marketplace. The market appears to be stabilizing and we anticipate sales will trend higher throughout the year.”
As of the end of January 2013 there were 2,137 single family homes available on the Multiple Listing Service® within VIREB’s coverage area, down slightly from the 2,168 homes in the system at the end of January 2012.