Island housing sales market remains stable

Across VIREB’s coverage area in May average sales prices edged downward four per cent over what they were in May 2011

Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island recorded little change last month as compared to a year ago.

Across VIREB’s coverage area in May average sales prices edged downward four per cent over what they were in May 2011. The average sales price for a single family home sold within the VIREB region in May was $343,662 down from the May 2011 average price of $356,450. The number of unit sales increased a minimal one per cent. In May 2011 414 single family homes were sold, in comparison 418 unit sales were recorded in May 2012. There was also a modest increase (nearly seven per cent) in the number of homes listed last month as compared to May 2011.

Comparing May 2012 to May 2011, the average sale prices across VIREB’s six zones saw: Campbell River increase six per cent (to $306,908), the Comox Valley dipped one per cent to $361,537, Nanaimo’s average sales price was down eight per cent to $349,554 from the May 2011 price of $379,410.