Sales of single-family homes in July throughout the Vancouver Island Real Esate Board’s (VIREB) jurisdiction rose by three per cent year over year but were 12 per cent higher than in June.
Last month, 453 single-family homes sold on the Multiple Listing Service (MLS) system compared to 406 the previous month and 438 in July 2018, a VIREB press release. Sales of apartments dropped by 14 per cent year over year while townhouse sales increased by 22 per cent.
Realtors are reporting that housing sales are steady, even brisk in some areas, but certainly less robust than they were in 2016, 2017, and 2018.
Prices in the VIREB area are still rising, but they are softening compared to the price increases posted during our long-running sellers’ market.
The benchmark price of a single-family home was $513,700 in July, a three per cent increase from one year ago and slightly lower than in June.
Regionally, the benchmark price of a single-family home in the Campbell River area last month was $434,300, an increase of six per cent over July 2018. In the Comox Valley, the benchmark price reached $516,200, up by two per from one year ago. Duncan reported a benchmark price of $472,000, an increase of two per cent from July 2018.
Nanaimo’s benchmark price rose by three per cent to $556,400 while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $588,500. The cost of a benchmark single-family home in Port Alberni reached $322,500 in July, an 11 per cent increase from one year ago.