VIREB sales activity remains stable across region while prices increase

Average sales prices rose two per cent over what they were in February 2011

Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) indicates a continued levelling over much of Vancouver Island in terms of Real Estate sales activity.

Across VIREB’s coverage area average sales prices rose two per cent over what they were in February 2011. The average sales price for a single family home sold within VIREB’s zones in February was $347,299 a slight rise from the February 2011 average price of $338,911.

“There is definite stability in the marketplace – a trend that’s expected to continue for the foreseeable future,” said VIREB President Guy Bezeau. “Buyers can feel confident when entering the market, knowing that prices are likely to remain fairly level.”

Multiple Listing Service (MLS) statistics for February 2012 mirrors this trend in terms of sales activity for the month. Across the VIREB area there were 269 single family units sold in February, which represents a decrease of four per cent as compared to February 2011 when 280 homes were sold. The average price of a single family home sold in February 2012 through the VIREB MLS system was $347,299 up two per cent from the $338,911 posted in February 2011.

The MLS® stats also report there was a slight increase in the number of listings on the market in VIREB’s coverage area than at the same point a year ago.

Campbell River saw an average price increase of 16 per cent (to $299,042).