Around Town: Home sales cool in October and inventory dips again
Vancouver Island Real Estate Board (VIREB) released the most recent sales figures for October 2016 which states that 399 single-family homes sold on the MLS® System compared to 368 last October, an increase of eight per cent. Month over month, sales decreased by 24 per cent from September, which saw 528 unit sales.
Active listings of single-family homes dropped once again in October, dipping to 1,158, the lowest VIREB has seen since the board began tracking inventory levels in 1999. The biggest challenge for the VIREB area continues to be a lack of inventory.
The October 2016 benchmark price of a single-family home in the Campbell River area was $308,900, an increase of 13 percent over October 2015. In the Comox Valley, the benchmark price was $398,500, up 17 per cent from 2015. Nanaimo’s benchmark price rose 19 per cent to $428,500 while the Parksville-Qualicum area saw its benchmark price rise by 19 per cent as well to $449,400. The price of a benchmark home in Port Alberni hit $215,700, up 13 per cent from one year ago.
(Excerpt from VIREB October 2016 newsletter)
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