Vancouver Island Real Estate — Sales are Increasing
NANAIMO, BC – The latest Multiple Listing Service® (MLS®) sales statistics released by the Vancouver Island Real Estate Board (VIREB) show sales of single family properties in October of 2009 are up significantly over October 2008 in the entire Vancouver Island Real Estate Board area. Unit sales for October 2009 increased 93% over October 2008.
The average sale price, meanwhile, of the 454 single family homes sold across Vancouver Island was $332,898, a decrease of 4% from October 2008. The number of available single family residential properties for sale is down 27% from 2008 levels as increased sales volumes eat away at inventory levels creating some upward pressure on prices. Year to date figures show a 6% increase in unit sales with a 4% decrease in the average sale price for 2009.
VIREB President Ray Francis says, “The industry is showing signs of a strong recovery compared to the fourth quarter of 2008. Real estate continues to lead the nation in its economic recovery.” Vancouver Island real estate sales are increasing.
For the period comparing data from the end of October 2008 to the end of October 2009, average sale prices in VIREB’s six zones saw: Campbell River decrease 5 % (at $270,532), the Comox Valley down 8% (at $338,062), Nanaimo decrease 4% (at $358,974), Parksville/Qualicum was down 10% (at $364,249), Port Alberni showed an increase of 7% (at $223,218) and the Cowichan Valley down 3% (to $357,556).
For more information visit: www.vireb.com
