Multiple
Listing Service® (MLS®) sales summary data released by the
Vancouver Island Real Estate Board (VIREB) for July 2010,
shows continuing declines in both unit sales volume and
inventories of properties listed for
sale.
There
were 347 sales of single family properties in the VIREB area
through the Multiple Listing
Service® (MLS®) in July 2010, down 35% from 536 sales in July
2009.
Single
family properties listed for sale in July 2010 were also down
by 12 per cent from the end
of July 2009.
“July
2009 was a bit of an anomaly having higher than normal sales
volumes than that of previous
years,” says Cliff Moberg, President of VIREB. “I think the
misconception out there
is that the HST applies to existing home sales, which it does
not.”
The
12-month average sale price across the VIREB region for July
2010 was $342,982; a one per cent increase from the $340,382
posted at the end of July 2009.
“We
have to remember that average price information can be useful
in establishing trends over
time, but does not indicate the actual individual prices,”
says Moberg. “That
is the job of professional REALTOR®’s, who are experts in
local neighbourhood market
conditions. We as REALTORS® have to continue to educate the
public that properties
that are priced right are continuing to
sell.”
For
the 12-month period from the end of July 2009 to July 2010,
average sale prices across VIREB's
six zones rose in all but two markets: Campbell River
increased four per cent (to $303,056),
the Comox Valley inched up 1 per cent (to $349,033), Nanaimo
is up five per cent (to
$382,6725), Parksville/Qualicum grew two per cent (to
$377,506), Port Alberni dropped 18 per
cent (to $194,765) and the Cowichan Valley was down six per
cent (to $327,549).
Jim
Stewart, president-elect of VIREB sites consumer confidence as
a continuing market driver,
as well as affordability when compared to the Victoria and
Vancouver markets.
“Overall
the market is showing its stability. Prices are expected to
remain constant for the remainder
of the year and increase slightly heading into 2011,” he says
noting the market is
settling back on par with historical trends during the summer
months.
