Balanced Island Market Conditions Moving Into Spring

Northwest Bay

VIREB – An Association of REALTORS®

NANAIMO, BC Sales activity across the Vancouver Island housing market area continued its gradual upward climb this February, with reports of healthy sales activity across the Board.

The MLS® system in the VIREB coverage area reported a 24% increase in the sales of single-family homes over sales recorded in February 2013.

VIREB president, Blair Herbert, is encouraged that market activity has been trending upwards for the past few months, and is cautiously optimistic that  we will continue to see slow continued growth throughout 2014.

“Over the past few months, we have witnessed strong year-over-year percentage gains in terms of unit sales; however, it is important to note that last year marked a cyclical low in sales activity, so our numbers are not trending as high as they may appear,” he stated. “That being said, when looking at our sales figures over a longer period of time, our activity is close to reaching the ten-year average, so things are definitely moving in the right direction in terms of achieving balanced market conditions.”

“Although pricing has remained relatively flat over the last couple of months, we anticipate that this slow and steady market growth could produce a bit of upward pressure on pricing moving forward,” said Jason Finlayson, VIREB President-Elect. “while we haven’t experienced significant gains thus far, the market is still quite price sensitive, so it is important to contact a local REALTOR® in your area to ensure your property is priced correctly.”

For a full and detailed report on your specific area contact Ron or Peggy at anytime.