VIREB - MARKET REMAINS STABLE VIREB REPORTS
August 2, 2011
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for July 2011 shows a 2% decline in single family unit sales campared to July 2010 and 70 units less than last month.
The average price of a single family home sold in July 2011 through the VIREB MLS system was $344,783 up 1% from the $342,982 posted in July 2010, and almost mirroring June 2011's $343,422.
Jim Stewart, VIREB President says; "We are continuing to see stable market conditions, but as the selection of homes increases it is important that sellers price their home competitively and to consult a REALTOR for up to date market conditions in specific areas."
There were 785 single family homes listed in July, bringing the active single family homes available through the VIREB MLS system to 3,239 up from 3,094 this time last year.
For the 12-month period from the end of July 2010, average sale prices across VIREB's six zones saw: Campbell River down 3% (to $293,370), the Comox Valley up 1% (to $351,949), Nanaimo was down 7% (to $354,,077), Parksville/Qualicum was up 4% (to $393,230), Port Alberni slipped 13% (to $219,759) and the Cowichan Valley jumped 7% (to $341,725).
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.