Multiple Listing Service® (MLS®) sales summary data for February 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 six percent. The average price of a single family home sold within the VIREB region in February was $313,932, down from the February 2012 average price of $334,328. The number of housing units reported sold last month were down compared to a year ago. In February 2012 there were 267 single family homes sold, in comparison 229 unit sales were recorded in February 2013.
Sales activity remains fairly low due to hesitancy on the part of buyers and sellers. “We expect to see an increase in sales activity in the coming months, a trend likely to continue throughout the year. A home purchase has always been a long term investment so you shouldn’t be basing your buying or selling decision strictly on a short term strategy,” explained VIREB President Gary Gray.
As of the end of February 2013 there were 2,308 single family homes available on the Multiple Listing Service® within VIREB’s coverage area, down approximately four percent from the 2,437 homes in the system at the end of February 2012.