February 1, 2012

Modest Upswing To 2012 VIREB Sales Activity

 NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) shows that 2012 began positively over much of Vancouver Island in terms of Real Estate sales activity. Across VIREB’s coverage area average sales prices edged up 3% over what they were in 2011. The average sales price for a home sold within VIREB’s zones in January was $332,270 a modest rise from the January 2011 average price of $321,489.

“These are positive indicators for the year to come,” said VIREB President Guy Bezeau. “We are looking for stability and sustainability in real estate sales across the VIREB coverage area throughout the year and beyond.”

Multiple Listing Service® (MLS®) statistics for January 2012 mirrors the numbers in terms of sales activity for the month. Across the VIREB area there were 216 single family units sold in January, which represents an increase of 5% as compared to January 2011 when 205 homes were sold. The average price of a single family home sold in January 2012 through the VIREB MLS® system was $332,270 up 3% from the $321,489 posted in January 2011.

The MLS® stats also report that there was a slight increase in the number of listings on the market in VIREB’s coverage area then at the same point a year ago. Currently there are 2,173 single family homes listed on the MLS® system as compared to the 2,057 homes listed for sale at the end of January 2011 – an increase of approximately 2%.

“There are areas on Vancouver Island that show more dramatic movement in activity than others. Port Alberni being a good example, where only three less homes were sold than a year ago, but that change generated an 18% drop in unit sales,” Bezeau said. “Don’t get too distracted by fluctuations on a month to month basis in the smaller markets, as only a few sales can skew the picture. The real strength is with the local REALTORS® who understand the marketplaces they serve, and work for their clients accordingly.”

Comparing January 2012 to January 2011, the average sale prices across VIREB's six zones saw: Campbell River edge upward 2% (to $298,584), the Comox Valley rose by 4% to $345,631, Nanaimo’s average sales price increased 6% (to $360,799), Parksville/Qualicum was down 12% (to $341,696), Port Alberni/West Coast increased 4% to $208,033 and the Cowichan Valley rose a full 9% (to $350,821).
- 30 -
VIREB represents more than 1,000 REALTOR® members in nearly 90 member offices on Vancouver Island (north of Victoria).

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.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at:
Guy Bezeau (250) 245-3700, President
Gary Gray (250) 723-1800, President Elect
Jim Stewart (250) 758-7653, Past President
Darrell Paysen (250) 390-4212, VIREB Manager, Member Services
Or, for further localized comments, please contact:
Campbell River:
Heather Parker (250) 286-3293
Comox Valley:
Corey Zaal (250) 334-3124
Margo Hoffman (250) 248-8371
Frank Fairley (250) 248-1071
Port Alberni-West Coast:
Gary Gray (250) 723-1800, President Elect
Jim Stewart (250) 758-7653, Past President
Jennifer Merilees (250) 250-758-7653
Cowichan Valley:
Jason Finlayson (250) 748-4443
Directors At Large:
Guy Bezeau (250) 245-3700, President
Frank Fairley (250) 248-1071
Blair Herbert (250) 746-6621
David Holmes
Communications Coordinator
Vancouver Island Real Estate Board
tel: 250-390-4212    direct: 250-390-5786
As a general rule, the most successful man in life is the man who has the best information.
Benjamin Disraeli