NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for May 2010, indicates there has been both an increase in unit sales across the board region and that average prices are also on the rise.
The average sale price across the VIREB region jumped to $362,538 at the end of May 2010.
That’s up 4% from the $348,524 just one month ago and up 12% from the $323,521 of last year.
Jim Stewart, VIREB President-Elect says, “We should be aware that the market was significantly lower in 2009. Compared to 2008, numbers are close to or slightly lower than this year.”
Both single family unit sales volumes and listings across VIREB were up as well. There were 456 residential unit sales for May 2010, up 2% from the 445 posted in May 2009 and 942 homes were listed last month, up 16% from the 808 listed in May 2009. Meanwhile, active listings of residential property for sale are currently at 3,004 across the board, up 4% from last year.
Stewart also says affordability will have an impact on the market. “There is less upward pressure on home prices as interest rates increase and inventory levels continue to rise.”
For the period comparing data from the end of May 2009 to the end of May 2010, average sale prices in VIREB's six zones saw: Campbell River increase 18% (to $330,759), the Comox Valley increased 5% (to $344,426), the Cowichan Valley is also up 5% (to $362,665), Nanaimo saw a 14% increase (to $388,497), Parksville/Qualicum was up 18% (to $408,549), and Port Alberni nudged up 3% (to $234,658).
VIREB represents approximately 1,095 licensed REALTOR® members in more than 80 member offices on Vancouver Island (North of Victoria