Average home sale prices in the Comox Valley dipped four per cent to $330,947 in January compared to the same month a year earlier.
Comox Valley sales were down 18 per cent from January 2012.
Multiple Listing Service (MLS) sales summary data for January released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island was down 14 per cent compared to last year, while average sale prices dipped four per cent.
The average price of a single family home sold within the VIREB region in January was $318,202, down from the January 2012 average price of $332,270.
The number of housing units reported sold last month were down compared to a year ago. In January 2012 there were 216 single family homes sold, in comparison 185 unit sales were recorded in January 2013.
“Some consumers continued to take a wait-and-see approach in January,” explained Cameron Muir, chief economist with the B.C. Real Estate Association (BCREA). “However, this lull in home buying activity will likely be short-lived as the underlying economic fundamentals suggest a more active spring marketplace.”
As of the end of January 2013 there were 2,137 single family homes available on the MLS within VIREB’s coverage area, down slightly from the 2,168 homes in the system at the end of January 2012.
“It has to be pointed out that our housing inventory is showing signs of shrinking and by the very nature of supply and demand — with fewer properties on the market there is a corresponding increase in sales activity for those reduced number of properties,” said VIREB president Gary Gray. “We’re on the cusp of some potential improvement in the marketplace. The market appears to be stabilizing and we anticipate sales will trend higher throughout the — Vancouver Island Real Estate Board