Sales activity across the Vancouver Island housing market area continued its marginal trend upward for the month of March, according to statistics provided by the Vancouver Island Real Estate Board (VIREB).
The benchmark price for a single-family home in Parksville Qualicum Beach was $344,800, dipping 0.29 per cent from last year. The benchmark price is the price of a typical property in each market, according to VIREB.
The average price of a single-family home in the entire VIREB area was $345,164, which is up 10 per cent over this time last year.
A total of 357 single-family homes sold on the MLS system in the VIREB area in March 2014. This represents a 27 per cent increase over the 281 sales recorded both last month, and last year.
According to BCREA chief economist, Cameron Muir, although unit-sales seem strong, it is important to compare these figures to the 10-year average to gain a more accurate picture of market trends.
“When comparing unit-sales over a longer period of time, we are actually down 12.6 per cent from the 10-year average, but it is encouraging to see the market moving in the right direction,” said Muir.
Other benchmark prices for towns and cities in our region: Campbell River, $261,800; Comox Valley, $320,700; Duncan, $284,300; Nanaimo, $330,500; Port Alberni, $189,600.
— VIREB/NEWS Staff
