Around Town: Buyer Demand Outpacing Supply in the VIREB Area, March 2016 Statistics
VIREB’s (Vancouver Island Real Estate Board) real estate market set a brisk pace in March, with buyer demand outpacing supply in most markets. In March 2016, 520 single-family homes sold compared to 420 last March, an increase of 24 per cent.
Month over month, sales were up by 29 per cent from the 406 sales processed in February 2016. Last month’s active listings totalled 1,599, down 26 per cent from the 2,167 reported in March 2015.
The March 2016 benchmark price of a single-family home in the Campbell River area was $281,800, a 2.61 per cent increase over 2015. In the Comox Valley, the benchmark price was $354,100, up 9.39 per cent from 2015. Duncan reported a benchmark price of $310,700, an increase of 8.23 per cent over the same month in 2015. Nanaimo’s benchmark price rose 5.95 per cent to $367,000 while the Parksville-Qualicum area saw its benchmark price rise by 8.66 per cent to $391,400. The price for a benchmark home in Port Alberni was $193,900, an increase of 3.36 per cent over March 2015.
VIREB Email: firstname.lastname@example.org Phone: 250.390.4212
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