Modest upswing to 2012 Vancouver Island house sales

Average sales prices edged up three per cent over what they were in 2011

Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) shows that 2012 began positively over much of Vancouver Island in terms of Real Estate sales activity.

Across VIREB’s coverage area average sales prices edged up three per cent over what they were in 2011. The average sales price for a home sold within VIREB’s zones in January was $332,270 a modest rise from the January 2011 average price of $321,489.

These are positive indicators for the year to come,” said VIREB President Guy Bezeau. “We are looking for stability and sustainability in real estate sales across the VIREB coverage area throughout the year and beyond.”

MLS statistics for January 2012 mirrors the numbers in terms of sales activity for the month. Across the VIREB area there were 216 single family units sold in January, which represents an increase of five per cent as compared to January 2011 when 205 homes were sold. The average price of a single family home sold in January 2012 through the VIREB MLS system was $332,270 up three per cent from the $321,489 posted in January 2011.

The MLS stats also report that there was a slight increase in the number of listings on the market in VIREB’s coverage area then at the same point a year ago. Currently there are 2,173 single family homes listed on the MLS® system as compared to the 2,057 homes listed for sale at the end of January 2011 – an increase of approximately two per cent.

There are areas on Vancouver Island that show more dramatic movement in activity than others. Port Alberni being a good example, where only three less homes were sold than a year ago, but that change generated an 18 per cent drop in unit sales,” Bezeau said. “Don’t get too distracted by fluctuations on a month to month basis in the smaller markets, as only a few sales can skew the picture. The real strength is with the local Realtors who understand the marketplaces they serve, and work for their clients accordingly.”

paring January 2012 to January 2011, the average sale prices across VIREB’s six zones saw: Campbell River edge upward two per cent (to $298,584), the Comox Valley rose by four per cent to $345,631, Nanaimo’s average sales price increased six per cent (to $360,799), Parksville/Qualicum was down 12 per cent (to $341,696), Port Alberni/West Coast increased four per cent to $208,033 and the Cowichan Valley rose a full nine per cent (to $350,821).