Housing Prices Rebound in Latter Half of ‘09
| Darrell Bellaart |
| The Daily News |
Vancouver Island house sales bucked the trend by staying relatively buoyant in December, a month when buyers usually take a holiday.
The average selling price rose in four of six Island markets last month, a first since the market meltdown of October 2008.
December saw a pace of sales about double that of a year ago, and with an increased average selling price in two-thirds of communities tracked using annual sales summary data collected through the real estate industry’s proprietary Multiple Listing Service.
“Traditionally November is a better month than December,” said Jim Stewart, Vancouver Island Real Estate Board 2010 president elect.
“I think the fact that our sales numbers in December were equal to the sales numbers for November . . . that shows confidence in the marketplace.”
In Nanaimo, the average selling price rose to $373,000 in December, up $13,000 from a year earlier.
Other communities with higher selling prices include Cowichan Valley, up 11% to $387,000, Comox, up 6% to 340,000 and Campbell River, also up 1% to $295,000.
Prices fell 2% to $387,000 in Parksville-Qualicum Beach and 11% in the Port Alberni-West region, to $222,000.
On average, Nanaimo home prices fell 4% this year. In the same period cities like Vancouver saw much greater swings.
“Our market here is very solid, you’re not selling for (reductions of) 10%, 15% or 20% or more, as in some communities in other parts of Canada,” Stewart said.
Stewart expects the market to remain strong through the spring, “but with the prospect of interest rates going up this year it means if you’re thinking about it you better get on with it.” The Harmonized Sales Tax applies on new homes sold after July 1.
© The Daily News (Nanaimo) 2010
Tags: Nanaimo Real Estate Market, Nanaimo Real Estate Prices, Nanaimo Real Estate Trend, Nanaimo Real Estate Values, Trends