May 1st, 2012
NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) shows continued stability in the housing sales market throughout the Vancouver Island region. Across VIREB’s coverage area last month average sales prices dipped a minimal 3% over what they were in April 2011. The average sales price for a single family home sold within the VIREB region in April was $343,331 down from the April 2011 average price of $353,613. The number of unit sales (on a year to year basis) increased 9%. In April 2011 354 single family homes were sold, in comparison 385 unit sales were recorded in April 2012. A gradual increase in housing sales on a month to month basis is indicated across VIREB’s overall market area. In March there were 298 single family home sales reported compared to the 385 home sales reported in April.
“This is definitely a balanced market without any unpleasant surprises down the road,” said VIREB President Guy Bezeau. “There is a solid inventory of homes that buyers have access to. When the market is level there is time for home buyers to do their due diligence and conduct property inspections, search for the right mortgage and carry out all the other tasks they may not feel they have time for when there are less homes available. I like this type of housing market; buyers have choices and thanks to the increase in sales sellers become buyers.”
As of the end of April 2012 there were 3,025 single family homes available on the Multiple Listing Service® (MLS®) within VIREB’s coverage area, up marginally from the 2,937 homes in the system at the end of April 2011. In April there were 968 homes listed on the MLS® system, up 12% from the 865 homes listed during April 2011, an indicator of the increased level of confidence on the part of home sellers.
“I think this is going to be a busy season, the winter’s finally over and everybody’s getting ready to make their homes presentable so they can put them on the market,” explained VIREB Past-President Jim Stewart. “This isn’t just a VIREB perspective, Cameron Muir the Chief Economist for the British Columbia Real Estate Association (BCREA) has indicated that a balanced, stable market exists throughout much of the province. Mortgage rates are not expected to change dramatically, and there is a renewed sense of optimism. There can be localized bumps in the market so it’s always best to talk with your local REALTOR® to learn about the marketplace in your neighborhood.”
Comparing April 2012 to April 2011, the average sale prices across VIREB's six zones saw: Campbell River decrease 5% (to $277,081), the Comox Valley edged upward 1% to $361,023, Nanaimo’s average sales price decreased 2% (to $368,181), Parksville/Qualicum recorded a 5% decline (to $388,732), Port Alberni/West Coast dropped 17% to $244,850 and the Cowichan Valley decreased 3% (to $349,454). As is often the case within individual markets small shifts in sales activity can skew the cumulative totals when comparing on a monthly basis, such as with Port Alberni/West Coast. Contact a REALTOR® for interpretation of trends in your area.
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VIREB represents more than 1,000 REALTOR® members in nearly 90 member offices on Vancouver Island (north of Victoria).
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 neighbourhoods or account for price differential between geographic areas.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
Visit our website for updated information at: www.vireb.com
Contact:
Guy Bezeau (250) 245-3700, President
Gary Gray (250) 723-1800, President Elect
Jim Stewart (250) 758-7653, Past President
Darrell Paysen (250) 390-4212, VIREB Manager, Member Services
Or, for further localized comments, please contact:
Campbell River:
Heather Parker (250) 286-3293
Comox Valley:
Corey Zaal (250) 334-3124
Parksville-Qualicum:
Margo Hoffman (250) 248-8371
Frank Fairley (250) 248-1071
Port Alberni-West Coast:
Gary Gray (250) 723-1800, President Elect
Nanaimo:
Jim Stewart (250) 758-7653, Past President
Jennifer Merilees (250) 250-758-7653
Cowichan Valley:
Guy Bezeau (250) 245-3700, President
Jason Finlayson (250) 748-4443
Blair Herbert (250) 746
“This is definitely a balanced market without any unpleasant surprises down the road,” said VIREB President Guy Bezeau. “There is a solid inventory of homes that buyers have access to. When the market is level there is time for home buyers to do their due diligence and conduct property inspections, search for the right mortgage and carry out all the other tasks they may not feel they have time for when there are less homes available. I like this type of housing market; buyers have choices and thanks to the increase in sales sellers become buyers.”
As of the end of April 2012 there were 3,025 single family homes available on the Multiple Listing Service® (MLS®) within VIREB’s coverage area, up marginally from the 2,937 homes in the system at the end of April 2011. In April there were 968 homes listed on the MLS® system, up 12% from the 865 homes listed during April 2011, an indicator of the increased level of confidence on the part of home sellers.
“I think this is going to be a busy season, the winter’s finally over and everybody’s getting ready to make their homes presentable so they can put them on the market,” explained VIREB Past-President Jim Stewart. “This isn’t just a VIREB perspective, Cameron Muir the Chief Economist for the British Columbia Real Estate Association (BCREA) has indicated that a balanced, stable market exists throughout much of the province. Mortgage rates are not expected to change dramatically, and there is a renewed sense of optimism. There can be localized bumps in the market so it’s always best to talk with your local REALTOR® to learn about the marketplace in your neighborhood.”
Comparing April 2012 to April 2011, the average sale prices across VIREB's six zones saw: Campbell River decrease 5% (to $277,081), the Comox Valley edged upward 1% to $361,023, Nanaimo’s average sales price decreased 2% (to $368,181), Parksville/Qualicum recorded a 5% decline (to $388,732), Port Alberni/West Coast dropped 17% to $244,850 and the Cowichan Valley decreased 3% (to $349,454). As is often the case within individual markets small shifts in sales activity can skew the cumulative totals when comparing on a monthly basis, such as with Port Alberni/West Coast. Contact a REALTOR® for interpretation of trends in your area.
- 30 -
VIREB represents more than 1,000 REALTOR® members in nearly 90 member offices on Vancouver Island (north of Victoria).
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 neighbourhoods or account for price differential between geographic areas.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
Visit our website for updated information at: www.vireb.com
Contact:
Guy Bezeau (250) 245-3700, President
Gary Gray (250) 723-1800, President Elect
Jim Stewart (250) 758-7653, Past President
Darrell Paysen (250) 390-4212, VIREB Manager, Member Services
Or, for further localized comments, please contact:
Campbell River:
Heather Parker (250) 286-3293
Comox Valley:
Corey Zaal (250) 334-3124
Parksville-Qualicum:
Margo Hoffman (250) 248-8371
Frank Fairley (250) 248-1071
Port Alberni-West Coast:
Gary Gray (250) 723-1800, President Elect
Nanaimo:
Jim Stewart (250) 758-7653, Past President
Jennifer Merilees (250) 250-758-7653
Cowichan Valley:
Guy Bezeau (250) 245-3700, President
Jason Finlayson (250) 748-4443
Blair Herbert (250) 746
