May housing sales boost strongest spring market since 2007

527 single-family homes sold compared to 450 in April 2015

Sales in the Vancouver Island Real Estate Board (VIREB) area rose once again in May, contributing to the strongest spring the board has witnessed since 2007.

In May 2015, 527 single-family homes sold compared to 450 in April 2015, with year-over-year sales up by nine per cent. Inventory levels have steadily declined over the last 12 months, with active listings down 10 per cent from May 2014.

In May 2015, the benchmark price for a single-family home in the VIREB coverage area was $332,600, up approximately five per cent from 2014. Benchmark pricing tracks the value of a typical home in the reported area. The average price of a single-family home was $363,195 compared to $345,895 in May 2014, an increase of five per cent.

The May 2015 benchmark price of a single-family home in the Campbell River area was $278,400, an increase of 6.35 per cent from last year. In the Comox Valley, the benchmark price was $323,800, up slightly over 2014. Duncan reported a benchmark price of $297,300, an increase of 5.42 per cent over the same month in 2014. Nanaimo’s benchmark price rose 3.90 per cent to $351,600 while the Parksville-Qualicum area saw its benchmark price rise by 4.10 per cent to $362,000. The price for a benchmark home in Port Alberni was $197,200, an increase of approximately two per cent since May 2014.