NANAIMO, BC Multiple Listing Service® (MLS®) sales summary data for March released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island was down six percent compared to last year, while average sale prices remained virtually unchanged. The average price of a single family home sold within the VIREB region in March was $319,912 which is nearly identical to the March 2012 average price of $319,661. The number of housing units reported sold last month were down compared to a year ago. In March 2012 there were 298 single family homes sold; in comparison 281 unit sales were recorded in in March 2013.
“We’ve experienced increased levels of month over month activity through the first quarter of 2013 which should translate into increased unit sales as we move into the Spring,” explained VIREB President Gary Gray “With stable pricing, reasonably strong inventory levels and historically low mortgage rates, buyers are realizing that this is a good time to buy a home. As each area is unique it’s important to contact your local REALTOR® to better understand market conditions in your area.”
“We are returning to more normal levels of activity, and there seems to be some pent up demand in the marketplace,” said VIREB President-Elect Blair Herbert. “The later part of March was very busy and it looks like April will show pretty strong statistically speaking.”
As of the end of March 2013 there were 2,532 single family homes available on the MLS® within VIREB’s coverage, down approximately four percent from the 2,702 homes in the system at the end of March 2012.
Comparing March 2013 to March 2012, the average sale prices across VIREB’s six zones saw: Campbell River increase eight percent to $289,471, the Comox Valley was down three percent to $321,633, Nanaimo’s average sales price was up one percent to $352,466 from the March 2012 average price of $349,806, Parksville/Qualicum prices edged up two percent to $359,448, Port Alberni/West Coast was unchanged at $207,012 while the Cowichan Valley was down two percent to $324,537. In terms of unit sales year to year there continued to be a wide disparity between the different zones last month. The Port Alberni/West Coast region recorded a 20 percent increase in unit sales while Campbell River unit sales were off 29 percent compared to March 2012. Parksville/Qualicum recorded a 19 percent increase in unit sales on a year to year basis, Nanaimo sales were down 14 percent, Cowichan Valley sales declined seven percent while the Comox Valley’s sales activity was down six percent from a year ago. It’s important to contact a local REALTOR® to receive an accurate picture of sales trends in an individual area as local factors continue to dramatically influence sales trends.
Please don’t hesitate to contact us for an in-depth analysis of your property and unique needs.
Ron (SRES) & Peggy Mehan – Serving in the Real Estate Industry since 1986