Single Family Home Sales Down on Vancouver Island

Posted: Nov 02, 2010

With 244 single family home sales in the month of October, the Vancouver Island Real Estate Board's sales numbers saw a significant drop. Multiple Listing Service sales data released by the Vancouver Island Real Estate Board for October 2010, shows a decline in unit sales compared to 2009. Single family property sales in the VIREB area through the MLS in October 2010 were down 46 per cent from the 450 sales in September 2009. 
“We are beginning to see inventory levels decrease month over month while unit sales are down less than nine per cent from last month," said Jim Stewart, president-elect of VIREB. "The larger markets in Victoria and Vancouver are beginning to see their unit sales increase on a month over month basis, and traditionally we follow those markets by a couple of months.”
In October, 485 single family homes came on the market , down 18 per cent from the 592 listed in October of last year. There are 443 now more single family homes available on MLS in the Vancouver Island region than there were one year ago.
The average sale price across the VIREB region for October 2010 was $318,619, a four per cent decrease from the average  $332,877 seen a year ago.
For the 12-month period from the end of October 2009 to October 2010, average sale prices across VIREB's six zones saw: Campbell River increase nine per cent (to $294,291) and the Comox Valley drop five per cent (to $320,876). Nanaimo slipped six per cent (to $338,334), as did Parksville/Qualicum (to $343,371), and the Cowichan Valley  (to $338,090). Port Alberni was down one per cent (to $213,550).
Stewart said he is seeing signs of stability returning to the Vancouver Island real estate market.
"With historically low interest rates still available, and a good supply of homes, it is still good a time to invest in Vancouver Island," he said.

Please note that this blog entry was published more than three months ago. Some details may be outdated.

 

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