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Healthy Home Sales Return to Historic Averages

Starfish The Gray Team Ucluelet Real Estate

News from the Vancouver Island Real Estate Board

Sales activity across the Vancouver Island housing market area continued to improve in the month of October, resulting in a 29 per cent increase in unit sales over this time last year. As sales momentum continues to build after a particularly slow market last year, we are witnessing a return to our historical averages across the board area.

The Vancouver Island Real Estate Board (VIREB) reports that there were a total of 352 single-family homes sold inthe VIREB area on the Multiple Listing Service® (MLS®) in October 2013. This signifies a 29 percent increase compared to the 272 sales recorded in October 2012, and a 4.8 per cent increase over last month.

“We are currently seeing a good supply of listings and attractive interest rates, which we anticipate will remain for the foreseeable future,” said VIREB president, Gary Gray. “This should create a healthy market balance moving into the new year.”

This month, VIREB joins the Canadian Real Estate Association and ten major real estate markets in Canada by adopting a new method of statistical reporting called the MLS® Home Price Index, or HPI. This system provides a more consistent trend analysis, and is a better indicator of property value that averages and medians, which are easily skewed by the sale of high-end or low-end properties.

Read more at  - http://www.vireb.com/assets/uploads/10oct_13_sales_summary_news_release_6640.pdf

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