Allisen Appraisal Consultants

VIREB reports July sales statistics

NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for July 2010, shows continuing declines in both unit sales volume and inventories of properties listed for sale.

There were 347 sales of single family properties in the VIREB area through the Multiple Listing Service® (MLS®) in July 2010, down 35% from 536 sales in July 2009.

Single family properties listed for sale in July 2010 were also down by 12 per cent from the end of July 2009.

“July 2009 was a bit of an anomaly having higher than normal sales volumes than that of previous years,” says Cliff Moberg, President of VIREB. “I think the is conception out there is that the HST applies to existing home sales, which it does not.”

The 12-month average sale price across the VIREB region for July 2010 was $342,982; a 1 per cent increase from the $340,382 posted at the end of July 2009.

“We have to remember that average price information can be useful in establishing trends over time, but does not indicate the actual individual prices,” says Moberg.

For the 12-month period from the end of July 2009 to July 2010, average sale prices across VIREB’s six zones rose in all but two markets: Campbell River increased 4 per cent (to $303,056), the Comox Valley inched up 1 per cent (to $349,033), Nanaimo is up 5 per cent (to $382,6725), Parksville/Qualicum grew 2 per cent (to $377,506), Port Alberni dropped 18 per cent (to $194,765) and the Cowichan Valley was down 6 per cent (to $327,549).

Jim Stewart, president-elect of VIREB sites consumer confidence as a continuing market driver, as well as affordability when compared to the Victoria and Vancouver markets.

“Overall the market is showing its stability. Prices are expected to remain constant for the remainder of the year and increase slightly heading into 2011,” he says noting the market is settling back on par with historical trends during the summer months.

NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for June 2010, shows a decrease in unit sales on a year over year basis while the average sale price is beginning to level out.

The average sale price across the VIREB region for June 2008 was $345,118. This is a 5 per cent increase from the $329,638 posted at the end of June 2009.

Jim Stewart, President Elect of VIREB says the market is returning to a balanced state. “Our inventory levels are continuing to grow despite the fact that our sales volumes have dropped somewhat showing less upward pressure as the market moves forward.”

For the period from the end of June 2009 to June 2010, average sale prices across VIREB’s six zones: Campbell River saw an increase of 12 per cent (to $298,126), the Comox Valley is up 7 per cent (to $362,222), the Cowichan Valley slipped 5 percent (to $350,024) while Nanaimo is up 7 per cent (to $362,018), Parksville/Qualicum inched up 1 per cent (to $396,488), and Port Alberni grew 27 per cent (to $242,752)

“2010 started out strong as the market began to recover from the recession and has now begun to level out going into the second half of the year. Due to supply and demand, what this means for sellers is proper pricing is essential and buyers have more to choose from.” adds Stewart.

Vancouver Island Real Estate Board (VIREB) for May 2010, indicates there has been both an increase in unit sales across the board region and that average prices are also on the rise.

The average sale price across the VIREB region jumped to $362,538 at the end of May 2010. That’s up 4% from the $348,524 just one month ago and up 12% from the $323,521 of last year.

Jim Stewart, VIREB President-Elect says, “We should be aware that the market was significantly lower in 2009. Compared to 2008, numbers are close to or slightly lower than this year.”

Both single family unit sales volumes and listings across VIREB were up as well. There were 456 residential unit sales for May 2010, up 2% from the 445 posted in May 2009 and 942 homes were listed last month, up 16% from the 808 listed in May 2009. Meanwhile, active listings of residential property for sale are currently at 3,004 across the board, up 4% from last year.

May 3, 2010

NANAIMO, BC – Single family unit sales last month were up 8% from April 2009 but down just 2% from the previous month on a Board wide basis. The average sale price meanwhile is 6% above April 2009 according to Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for April 2010. There were 410 single family unit sales across the VIREB region in April 2010.

The average sale price across the VIREB region for April 2010 was $348,542 up 6% from the $327,916 posted in April 2009, but very close to the March 2010 average price of $346,626. Cliff Moberg, President of VIREB says “The market remains buoyant. Certainly local sales have been, and are continuing to remain strong.”

Ray Francis, Past President of VIREB says “Vancouver Island REALTORS® are being very optimistic about the housing industry right now. The numbers are healthy and increasing and the sales volumes are there.”

For the period comparing data from the end of April 2009 to the end of April 2010, average sale prices in VIREB’s six zones saw: Campbell River increase 12% (to $295,831), the Comox Valley decreased 2% (to $347,448), the Cowichan Valley was up 6% (to $355,036), Nanaimo also increased 4% (to $367,805), Parksville/Qualicum was up 9% (to $401,036), and Port Alberni jumped 13% (to $214,375).

There were 24% more single family residential properties put on the market in April 2010 compared to April 2009, but overall there are 1% fewer homes for sale now than a year ago.

VIREB represents approximately 1,080 licensed REALTOR® members in more than 84 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.

April 1, 2010 – Home prices up 10% in Nanaimo, sales double across Island

Real estate prices rose 10% in Nanaimo and sales doubled across much of the Island in March.

A surge in sales is likely to continue for the short term at least, as buyers rush to beat rising interest rates.

Banks reacted quickly to a Bank of Canada interest rate hike this week and “it is critical that buyers get pre-approved for their mortgage,” said Jim Stewart, Vancouver Island Real Estate Board president-elect.

In Nanaimo the average sale price hit $369,000 last month. In the VIREB region, stretching from the Malahat north it was $347,000, up 9% from $317,000 a year ago.

Sales numbers resumed a trend seen over the past few months of being closer to seasonal norms last month, with 119 units sold in Nanaimo in March 2010, a 47% increase from the 81 in the same month last year.

Region-wide, the number of sales doubled to 420 from 261 last year, when the market was still recovering from widespread market uncertainty following the global meltdown of 2008 and the resulting collapse of the U.S. housing market.

March 1, 2010

VIREB reports active market continues

NANAIMO, BC – Single family unit sales last month were up 47% from February 2009 and up 28% from the previous month on a Board wide basis. The average sale price meanwhile is 11% above February 2009 according to Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2010. There were 289 single family unit sales across the VIREB region in February 2010.

VIREB President Cliff Moberg said, “We continue to remain busy, and are slowly starting to see our inventory levels recede. I am very happy with the direction the market is heading.”

Jim Stewart, VIREB’s President Elect said that, “The market is much stronger than a year ago, homes priced well are selling in a reasonable length of time. I am cautiously optimistic moving forward.”

The average sale price across the VIREB region for February 2010 was $$342,047 up 11% from the $307,919 posted in February 2009, but very close to the January 2010 average price of $339,327.

For the period comparing data from the end of February 2009 to the end of February 2010, average sale prices in VIREB’s six zones saw: Campbell River increase 7% (to $282,235), the Comox Valley decreased 4% (to $341,003), the Cowichan Valley was up 14% (to $359,169), Nanaimo also increased 14% (to $370,747), Parksville/Qualicum was up 12% (to $388,339), and Port Alberni slipped 2% (to $194,040).

There were 11% more single family residential properties put on the market in February 2010 compared to 12 months earlier, but overall there are 14% fewer homes for sale now than a year ago.

Consumers should check with their local REALTORS® for specific neighbourhood price information.

VIREB represents approximately 1,070 licensed REALTOR® members in more than 84 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.

NANAIMO, BC – Single family unit sales last month were up 97% from January 2009 but down 24% from the prior month over a Board wide basis. The average sale price meanwhile is 6% above January 2009 according to Multiple Listing Service® (MLS®) sales summary information released through the Vancouver Island Real Estate Board (VIREB) for January 2010. There had been 225 single family unit sales throughout the VIREB area in January 2010.

VIREB President Cliff Moberg stated, “We are seeing continued optimism from buyers, as we move into 2010. There’s activity in all categories of the market”.

Jim Stewart, VIREB’s President Elect mentioned that, “We are seeing inventory levels starting to rise. It’s most likely a great time for sellers to place their house on the market if they’re thinking about selling this year.

“We need to keep in mind that a year ago the world was in economic turmoil and real estate has helped lead in our recovery. Our market is strong on Vancouver Island and real estate is still a solid, reasonably priced investment here, “says Stewart.

The average sale price throughout the VIREB area for January 2010 was $339,327 up 6% from the $321,425 posted in January 2009, but very close to the December 2009 average price of $341,974.

For that period comparing data with the end of January 2009 towards the end of January 2010, average sale prices in VIREB’s six zones saw: Campbell River increase 9% (to $288,541), the Comox Valley improved 6% (to $323,860), the Cowichan Valley was also up 6% (to $379,489), Nanaimo increased 4% (to $363,093), Parksville/Qualicum was lower 8% (to $346,207), and Port Alberni jumped 18% (to $253,575).

There had been 15% extra single family residential properties placed on the market in January 2010 in comparison to 12 months previously, but overall there are 28% additional homes for sale now than a year ago.

Buyers ought to check with their neighborhood REALTORS® for particular neighbourhood price details.

Vancouver Island house sales bucked the trend by staying relatively buoyant in December, a month when buyers usually take a holiday.

The Vancouver Island Real Estate Board is reporting 357 units sold in the central Island in November, compared to 174 in the same month a year ago. In Nanaimo the number is 85, up from 49. You can read the entire article here: Harbour City Star, Friday December 4, 2009

The latest figures from the Vancouver Island Real Estate Board show, that while housing sales stayed on par with September, they were up significantly over October 2009.  You can read all the details in the VIREB’s latest press release.