Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island recorded a drop in unit sales last month as compared to a year ago while average prices remain virtually unchanged.
Across VIREB’s coverage area in June average sales prices dipped incrementally over what was recorded in June 2011. The average sales price of a single family home sold within the VIREB region in June was $341,864 down slightly from the June 2011 average price of $343,456. The number of unit sales (on a year to year basis) dropped 11 per cent. In June 2011 409 single family homes were sold, in comparison 364 unit sales were recorded in June 2012. There was also a modest decrease (8 per cent) in the number of homes listed last month as compared to June 2011.
“Prices remain relatively flat and the overall economic activity has become a little slower,” explained Cameron Muir, Chief Economist with the British Columbia Real Estate Association (BCREA). “But if you look at the numbers based on sales transactions recorded during the first six months of the year you can see that we’re looking at activity and prices that have been pretty stable throughout 2012. Stability and consistency have to be the only way to accurately describe the real estate marketplace on Vancouver Island.”
As of the end of June 2012 there were 3,353 single family homes available on the MLS within VIREB’s coverage area, up approximately five per cent from the 3,183 homes in the system at the end of June 2011. In June there were 818 homes listed on the MLS system, down eight per cent from the 887 homes listed during June 2011
“When you look at the statistics on a month to month basis you can see it continues to remain very stable and predictable,” said VIREB President Guy Bezeau. “With a good housing inventory in all ranges and continuing historically low interest rates there is still ample opportunity for both buyers and sellers on Vancouver Island. Looking at it from the mid-point of 2012 you can see that activity across the Board area has remained level and consistent one month to the next throughout the year, which is expected to be the case throughout the rest of the year.”
Comparing June 2012 to June 2011, the average sale prices across VIREB’s six zones saw: Campbell River increase seven per cent to $307,386, the Comox Valley rose four per cent to $361,537, Nanaimo’s average sales price was down three per cent to $358,290 from the June 2011 price of $370,322, Parksville/Qualicum prices rose five per cent to $405,635, Port Alberni/West Coast dropped a full 27 per cent to $197,950 and the Cowichan Valley declined five per cent to $336,238. Contact a Realtor for an interpretation of trends or an examination of conditions that could be affecting your area as local factors can dramatically affect the monthly statistical picture.