Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for August 2010, shows declines in unit sales compared to 2009 but very close to 2008 numbers.

There were 320 sales of single family properties in the VIREB area through the Multiple Listing Service® (MLS®) in August 2010, down 38 per cent from the 516 sales in August 2009, but close to mirroring the 327 sales in August 2008.

Newly listed properties continues to slow down with 653 single family homes coming on the market in August compared to 745 in July.

“The numbers are certainly better than we expected, “says VIREB President Cliff Moberg, “prices seem to be firm.” “It seems the worst is possibly behind us”, he adds.

The 12-month average sale price across the VIREB region for August 2010 was $335,775; a one per cent increase from the $332,090 posted a year ago.

For the 12-month period from the end of August 2009 to August 2010, average sale prices across VIREB's six zones rose in all but one market: Campbell River increased two  per cent (to $286,653), the Comox Valley was up four per cent (to $325,369), Nanaimo slipped one per cent (to $349,974), Parksville/Qualicum was up 3 per cent to $390,562), Port Alberni grew 18  per cent (to $266,028) and the Cowichan Valley inched up one per cent (to $366,502).

Jim Stewart, president-elect of VIREB says that, “Although there are positive signs moving forward, with the sales to listing ratio at about 50 per cent, it is more important than ever to consult with a REALTOR® to be sure that your home is listed at a realistic price.

VIREB represents approximately 1,100 licensed REALTOR® members in more than 85 member offices on Vancouver Island (north of Victoria).