Calmer Market Conditions as Summer Draws to a Close
September 2nd, 2022
Inventory was up, and sales were down in August, reminiscent of a typical summer market... more »
June 1st, 2012
NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island recorded little change last month as compared to a year ago. Across VIREB’s coverage area in May average sales prices edged downward 4% over what they were in May 2011. The average sales price for a single family home sold within the VIREB region in May was $343,662 down from the May 2011 average price of $356,450. The number of unit sales (on a year to year basis) increased a minimal 1%. In May 2011 414 single family homes were sold, in comparison 418 unit sales were recorded in May 2012. There was also a modest increase (nearly 7%) in the number of homes listed last month as compared to May 2011.

“There is certainly continuity in the number of units sold and in the prices received right across the region,” said VIREB President Guy Bezeau. “There is also sign the lower end of the market has become more active, which when coupled with phenomenal interest rates and government incentives suggests an increased interest in home ownership from first time buyers.”

As of the end of May 2012 there were 3,328 single family homes available on the Multiple Listing Service® (MLS®) within VIREB’s coverage area, up nearly 7% from the 3,116 homes in the system at the end of May 2011. In May there were 1,021 homes listed on the MLS® system, up 12% from the 908 homes listed during May 2011, indicating sellers are anticipating an active sales season during the summer months.

“When you look at the housing inventory you can see that there is quite literally something for everyone,” Bezeau said. “There has been gradual growth in sales activity in the first five months of this year and every indication suggests that this gentle increase in activity will continue as the year progresses. Last month also shows how dramatically a small number of sales can skew the statistics, especially in the smaller markets. The Port Alberni / West Coast zone reported a 35% jump in sales last month, but that only involved seven additional houses. Always check with your local REALTOR® to receive an accurate picture of your immediate market.”

Comparing May 2012 to May 2011, the average sale prices across VIREB's six zones saw: Campbell River increase 6% (to $306,908), the Comox Valley dipped 1% to $361,537, Nanaimo’s average sales price was down 8% to $349,554 from the May 2011 price of $379,410, Parksville/Qualicum recorded a 1% decline (to $414,944), Port Alberni/West Coast dropped 13% to $202,256 and the Cowichan Valley increased 8% (to $358,475). Contact a REALTOR® for interpretation of trends or an examination of factors that could be affecting your area.