Multiple
Listing Service® (MLS®) sales summary data released by the
Vancouver Island Real Estate Board (VIREB) shows that 2011 was
a solid and stable year for Real Estate activity on Vancouver
Island. Across VIREB’s six zones average sales prices remained
virtually unchanged from what they were in 2010. The 2011
average sales price for a home sold within VIREB’s coverage
area was $341,537, down incrementally from 2010’s $342,324
average price.
“Stability
in the marketplace is the word of the day,” said outgoing
VIREB President Jim Stewart. “Across the region the housing
inventory remains stable. Homes that are priced competitively
continue to sell. The opportunity for continued growth in 2012
is very strong, especially when compared to a lot of places in
Canada.”
Multiple
Listing Service® (MLS®) statistics for December 2011 indicated
a seasonal drop in sales activity for the month. Across the
VIREB area there were 182 single family units sold in
December, a decrease of 19 per cent compared to December 2010
when 264 homes were sold. The average price of a single family
home sold in December 2011 through the VIREB MLS® system was
$315,239 down 6 per cent from the $333,710 posted in December
2010.
However
the MLS® stats also report that there were 5.5 per cent more
listings on the market in VIREB’s coverage area then at the
same point in 2010. Currently there are 2,022 single family
homes listed on the MLS® system as compared to the 1,912 homes
listed for sale at the end of December 2010.
“Because
we have a good foundation in our Real Estate market this is a
good time to get into the marketplace,” explained VIREB
President Guy Bezeau. “Price wise we’re pretty much unchanged
when compared to last year. Overall there is stabilized,
cautious optimism for 2012.”
Comparing
December 2010 to December 2011, the average sale prices across
VIREB's six zones saw: Campbell River drop 11 per cent (to
$271,220), the Comox Valley went up 13 per cent (to $364,422),
Nanaimo went down seven per cent (to $332,400),
Parksville/Qualicum was down nine per cent (to $343,292), Port
Alberni/West Coast was down 26 per cent to $177,179 and the
Cowichan Valley was down one per cent (to
$363,172).
