VIREB News Release - April 1, 2011
BALANCED MARKET CONDITIONS
Nanaimo, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for March 2011, shows a 7% decline in unit sales compared to March 2010, but a 37% increase over February.
The average price of a single family home sold in March 2011 through the VIREB MLS system was $347,522, up 1% from the $345,500 posted in March 2010, and also up 2.5% over February's $338,911.
There were 943 single family homes listed in March, bringing the active single family homes available through the VIREB MLS system to 2, 701, up 6.9% from this time last year.
For the 12-month period from the end of March 2010 to March 2011, average sale prices across VIREB's six zones saw: Campbell River staying the same (at $302,033); Comox Valley slipping 7% (to $349,070); Nanaimo also remaining steady (at $368,354); Parksville/Qualicum up 3% (to $391,888); Port Alberni dropping 5% (to $217,248); and the Cowichan Valley up 8% (to $366,055).
Cliff Moberg, VIREB Past President says, "It appears we are continuing with a balanced market, prices remain stable as does inventory levels. Sales are picking up as we approach spring, and I believe we will continue with this stability throughout the spring/summer. Interest rates remain low, however, may increase toward the end of the year depending on outside influences."