Hot housing market puts home sellers in driver’s seat

Home sellers are in the driver’s seat throughout the VIREB area as buyers compete for available listings, according to the Vancvouer Island Real Estate Board (VIREB).

In May 2016, 771 single-family homes sold on the MLS System compared to 527 last May, an increase of 46 per cent. Month over month, sales were up by 17 per cent from the 660 sales processed in April 2016. Last month’s active listings totalled 1,684, down 32 per cent from the 2,507 reported in May 2015.

In May 2016, the benchmark price of a single-family home in the VIREB area was $364,500, up 9.36 per cent from one year ago.

The average MLS price of a single-family home in May was $411,458, a 13 per cent increase from May 2015.

The May 2016 benchmark price of a single-family home in the Campbell River area was $287,500, a 3.27 per cent increase over 2015. In the Comox Valley, the benchmark price was $360,400, up 11.32 per cent from 2015. Duncan reported a benchmark price of $317,300, an increase of 6.71 per cent over the same month in 2015. Nanaimo’s benchmark price rose 10.82 per cent to $389,800 while the Parksville-Qualicum area saw its benchmark price rise by 14.31 per cent to $417,900. The price for a benchmark home in Port Alberni was unchanged at $197,300.