Vancouver Island Real Estate Board Releases June 2010 MLS Statistics

Port Alberni Housing Sales Price Increased by 27%

Vancouver Island Real Estate Board (VIREB) released the Multiple Listing Service® (MLS®) sales summary for June 2010. This summary indicates a decrease in Vancouver Island home sales on a year over year basis, while the average residential home sale price is beginning to level out.

In June of 200, the average sale price for a Vancouver Island home across the VIREB region was $345,118 being a 5% increase from the $329,638 which was posted at the end of June 2009.

It seems that the Vancouver Island real estate market is balancing out. It is reported that the inventory levels onVancouver Island are still growing even though the sales volumes have somewhat dropped.

The following statistics are for the period from the end of June 2009 to June 2010 of the average sale prices forVancouver Island homes across VIREB’s six zones:

• Campbell River saw an increase of 12% to $298,126;
• Comox Valley is up 7% to $362,222;
• Cowichan Valley slipped 5% to $350,024;
• Nanaimo is also up by 7% to $362,018;
• Parksville/Qualicum is up 1% to $396,488; and
• Port Alberni increased by 27% to $242,752.

At the start of 2010, the Vancouver Island real estate market began to recover from the recession and as we proceed into the second half of the year, the market has started to level out due to supply and demand. For sellers of Vancouver Island homes this means that proper pricing is required and buyers have more of an inventory of residential homes to choose from.

Excerpted from 1stView.ca