November sales activity in the Vancouver Island Real Estate Board (VIREB) area dipped slightly from October, but rose significantly from one year ago, with the board on target to reach its forecasted sales for 2015.
Last month, 351 single-family homes sold on the Multiple Listing Service (MLS) compared to 299 in November 2014, an increase of 17 per cent. Inventory levels are continuing their downward trend, with active listings showing a reduction of 17 per cent from one year ago.
VIREB President Jason Finlayson says that it appears as though dropping inventory levels are now causing the benchmark price to rise in the VIREB area.
With prices firming up in the VIREB area and a smaller pool of potential homes for sale, conditions are suited for selling a home.
“If you’ve been thinking of putting your house on the market but have been holding off, it’s an excellent time to move forward, “says Finlayson. “But to ensure the best chance of a sale, you should consider using a local REALTOR to help you price your home appropriately.”
In November 2015, the benchmark price for a single-family home in the VIREB coverage area was $338,500, up 6.77 per cent from one year ago. Benchmark pricing tracks the value of a typical home in the reported area.
The average MLS price of a single-family home in November was $360,101, a six per cent increase from November 2014 and a slight decrease from last month.
The November 2015 benchmark price of a single-family home in the Campbell River area was $270,500, an increase of 2.79 per cent from last year. In the Comox Valley, the benchmark price was $339,200, up just under eight per cent from 2014. Duncan reported a benchmark price of $304,100, an increase of 6.29 per cent over the same month in 2014. Nanaimo’s benchmark price rose 4.27 per cent to $355,600 while the Parksville-Qualicum area saw its benchmark price rise by 5.65 per cent to $377,000. The price for a benchmark home in Port Alberni was $189,600, an increase of 6.13 per cent since November 2014.