Sales of single-family homes down on Island in VIREB region

Single-family home sales declined by 13 per cent last month in the Vancouver Island Real Estate Board (VIREB) region compared to the previous April and by almost nine per cent compared to March 2011.
The average price of a single-family home sold in April 2011 through the VIREB MLS system was $353,613, up one per cent from the $348,423 posted in April 2010, and similar to March 2011's $347,522.

Single-family home sales declined by 13 per cent last month in the Vancouver Island Real Estate Board (VIREB) region compared to the previous April and by almost nine per cent compared to March 2011.

The average price of a single family home sold in April 2011 through the VIREB MLS system was $353,613, up one per cent from the $348,423 posted in April 2010, and similar to March 2011’s $347,522.

Comox Valley average sale prices were $355,976, up two per cent from the previous April.

Jim Stewart, president of VIREB says, “We are seeing long-term stability in the market with no dramatic upward pressure on prices expected. Although you need to look at a larger window than one month to establish a trend it is encouraging to see consumer interest in our smaller markets of Campbell River and Port Alberni,” he adds.

There were 868 single-family homes listed in April, bringing the active single family homes available through the VIREB MLS system to 2,944 up from 2,818 this time last year.

For the 12-month period from the end of April 2010 to April 2011, average sale prices across VIREB’s other zones saw: Campbell River down down one per cent (to $292,949), Nanaimo up two per cent (to $374,501), Parksville/Qualicum was up two per cent (to $408,162), Port Alberni jumped 38 per cent (to $296,552) and the Cowichan Valley was up two to $360,029.

Guy Bezeau, VIREB’s president elect, says that, “We have seen long-term interest rates move up slightly with more increases expected which impacts affordability. With the amount of inventory available on the market now is a great time to invest on Vancouver Island,” he adds.

VIREB represents approximately 1,070 realtor members in more than 85 member offices on Vancouver Island (north of Victoria).

Visit www.vireb.com.

— Vancouver Island Real Estate Board