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Housing Market Stabilizing?

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VIREB Reports That Strong August 2013 Home Sales Suggest a Stabilizing Housing Market

by Nora Cserny on 18. Sep, 2013 in 1stView.ca

NANAIMO, BC – Multiple Listing Service (MLS) sales summary data for August released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island was up 38 per cent compared to last year. The average price of a single-family home sold within the VIREB region in August 2013 was $339,809, which is an increase of four per cent from the average sale price recorded in August 2012. There was a significant increase in unit sales for August 2013, where 391 units were recorded, in comparison to August 2012, when 283 single-family homes sold. However, when looking at these same figures over a 12-month basis, units sold only grew by one per cent, while the average price actually dropped one per cent to $329,502.

In terms of unit sales year-over-year for the month of August, there continued to be a wide disparity among our different areas: Campbell River witnessed continued growth, reporting a 55% increase; Comox Valley unit sales were up 26%; Nanaimo sales spiked by 62%; Parksville/Qualicum sales rose by 14%; Cowichan Valley saw a 31% increase, and Port Alberni/West Coast experienced the largest growth, jumping 80% from last year.

At the end of August 2013, there were 2,805 single-family homes available on the MLS within VIREB’s coverage area, down from the 3,159 homes in the system at the end of August 2012. Additionally, new listings for the month of August were down 25% from this time last year.

Comparing August 2013 to August 2012, the average sale prices across VIREB’s six geographic areas saw: Campbell River down two per cent with the average sales price listed at $295,471; the Comox Valley dipped one per cent to $326,322; Nanaimo rose six per cent to $362,934; Parksville/Qualicum prices climbed 11 per cent to $404,998; the Cowichan Valley fell by seven per cent to $327,384, while Port Alberni/West Coast reported a 48% increase in price with an average of $269,260.

Excerpt from VIREB’s media release on September 3, 2013. Get the full story.

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