Mar 2011 14

Vancouver Island Real Estate Market Is Normalizing

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Photo by Evan Leeson Photo by Evan Leeson

Vancouver Island Real Estate Board’s (VIREB’s) Multiple Listing Service (MLS®) sales summary data released for February 2011 shows a three per cent decline in unit sales compared to February 2010 but a 36 per cent increase over last month. This is a clear sign that real estate market conditions on Vancouver Island are returning to normal levels.

Similarly, the average price of a single family home sold in February 2011 according to the VIREB MLS® system was $338,882. It fell down one per cent from the $342,047 updated in February 2010, but rose by 5.4 per cent from $321,489, the average in January.

“We are seeing the market returning to normal conditions with sales and listings trending toward balanced conditions. Homes that are properly priced are seeing quite a bit of action and selling in a reasonable length of time," said Jim Stewart, president of VIREB.

There were 806 single family homes listed in February, bringing the number of active single family homes available through the VIREB MLS® system to 2,388 — up almost 12 per cent from this time last year.

The VIREB MLS® system indicates that there are 2,388 single family homes available this month, up almost 12 per cent from the 806 filed into the system in February of last year.

“Although the consumer is getting used to these historically low interest rates, we are being told it is not a matter of if we will see them begin to rise but when. With the amount of inventory available on the market now is a great time to invest on Vancouver Island,” noted Guy Bezeau, VIREB’s president-elect.

The end of the holiday season might be considered one of the reasons for the slow but steady improvement in the market as well.

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