NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for November 2010, shows a decline in unit sales compared to November 2009 but an increase over last month.
There were 274 sales of single family properties in the VIREB area through the Multiple Listing Service® (MLS®) in November 2010, down 23% from the 355 sales in November 2009. There were 243 sales last month.
Cliff Moberg, president of VIREB says; “We are seeing some stability in the market as consumer confidence increases the unit sales start to move upward, the prices however do not seem to be increasing. This trend is expected to continue into the New Year.” “We are experiencing a balanced market with historically low interest rates still available, and a good supply of homes,” he adds.
There were 461 single family homes listed in November, close to the 477 listed in November of last year. Overall as of the end of November there were about 400 more single family homes available than one year ago.
The average sale price across the VIREB region for November 2010 was $343,163, a 2 % increase from the $335,400 posted a year ago.
For the 12‐month period from the end of November 2009 to November 2010, average sale prices across VIREB's six zones saw: Campbell River drop 18 % (to $258,537), the Comox Valley slipped 3% (to $335,108), Nanaimo was down 4% (to $346,608), Parksville/Qualicum jumped 15% (to $429,733), Port Alberni down 3 % (to $243,706) and the Cowichan Valley was up 4% (to $360,631). Jim Stewart, VIREB’s President ‐ elect says that, “Although there are signs of stability in the market, it is critically important to consult with a REALTOR® to be properly informed on how it might affect an individual situation.”