The average sale price of Comox Valley homes in 2010 fell five per cent, according to Multiple Listing Service figures released by the Vancouver Island Real Estate Board (VIREB).
The average price of Comox Valley sales dropped to $323,914 — down from $339,584 in 2009.
Average 2010 sale prices across VIREB’s other five zones (compared to 2009) were: Campbell River $303,970, up three per cent from $296,304; Cowichan Valley $366,865, down five per cent from $384,390; Nanaimo $357,101, down five per cent from $376,330; Parksville/Qualicum $375,759, down three per cent from $387,388 and Port Alberni/West 239,810, up seven per cent from $223,439.
Figures for December 2010 for the VIREB coverage area show a decrease in the number of single-family unit sales at 225, down from 297 in December 2009. The average sale price of $333,710 is down two per cent from December 2009, when the average sale price was $342,151.
However, as of December 2010, across the region there are currently 1,909 single-family unit listings for sale and that is up from last year’s number of 1,615.
This speaks well for buyers and for those sellers who have priced their homes right, VIREB says in a news release.
“Steady job growth, an improving economy and low mortgage rates signify that the roller coaster is over and both buyers and sellers can expect a steady real estate market,” says Cliff Moberg, VIREB 2011 past president. “Local realtors are the best resource when it comes to setting a realistic price for buying or selling real estate. That price will vary from region to region and from neighbourhood to neighbourhood.”
Jim Stewart, VIREB 2011 president, also sees a return to a market that is more predictable and stable.
“It appears the uncertainty of past years is gone. For example, the arrival of the HST didn’t have the dramatic impact everyone thought it would have on new construction. New homes are still selling and that is because they are priced right.
“This creates a market that is predictable because much of the uncertainty and apprehension have diminished.”
Guy Bezeau, president elect for 2011, agrees that the 2011 real estate market will show more stability with each region and specific neighbourhoods exhibiting their own anomalies.
— Vancouver Island Real Estate Board
