NANAIMO — House sale prices were, in general, down nine per cent in the Parksville and Qualicum Beach areas in the last month of 2011, according to data released today by the Vancouver Island Real Estate Board.
Based in Nanaimo, VIREB stated in a media release that looking at home sales prices in Dec. 2010 and Dec. 2011, the average price of a single family home dropped to an average of $343,292 — down nine per cent.
While most real estate zones were down on the Island (outside of Victoria), Comox Valley saw a 13 per cent jump in Dec. 2011 over the same month in 2010.
Overall, VIREB reports 2011 was a stable year, meaning sales prices were on par with 2010. On average, house prices were down slightly (about $1,000) in 2011.
“Stability in the marketplace is the word of the day,” said outgoing VIREB President Jim Stewart. “Across the region the housing inventory remains stable. Homes that are priced competitively continue to sell. The opportunity for continued growth in 2012 is very strong, especially when compared to a lot of places in Canada.”
Multiple Listing Service® (MLS®) statistics for Dec. 2011 indicated a seasonal drop in sales activity for the month. Across the VIREB area there were 182 single family units sold in December, a decrease of 19 per cent, compared to December 2010 when 264 homes were sold. The average price of a single family home sold in December 2011 through the VIREB MLS® system was $315,239 down 6% from the $333,710 posted in December 2010.
However the MLS® stats also report that there were 5.5% more listings on the market in VIREB’s coverage area then at the same point in 2010. Currently there are 2,022 single family homes listed on the MLS® system as compared to the 1,912 homes listed for sale at the end of December 2010.
“Because we have a good foundation in our Real Estate market this is a good time to get into the marketplace,” explained VIREB President Guy Bezeau. “Price wise we’re pretty much unchanged when compared to last year. Overall there is stabilized, cautious optimism for 2012.”
