Around Town – July 9, 2014

July 9, 2014

VIREB Reports Strongest June Sales Activity  Since 2007

Sales activity is heating up across the Vancouver Island housing market area, with the Board reporting its strongest June on record since 2007. A total of 470 single-family homes sold on the MLS® system in the VIREB coverage area in June 2014. While this represents a slight dip over the 485 sales recorded last month, it marks a 23% increase over sales activity this time last year. Inventory levels continue to remain slightly lower than last year, which is in-line with the trend occurring over the past few months.

In June 2014, the benchmark price for a single-family home in the VIREB coverage area was $318,500. The benchmark price is up 1.22% from last month and increased 2.46% over last year. The average price of a single-family home in the VIREB area was $346,861, which represents a two per cent increase over this time last year.

The benchmark price for a single-family home in the Campbell River area was $265,900, up 2.98% over this time last year; in the Comox Valley the benchmark price was $324,600 marking an increase of 1.95% over last year; Duncan reports a benchmark price of $280,800 dipping 3.27% from last year; Nanaimo’s benchmark price was $338,300 rising 3.99% from last year; Parksville/Qualicum has a benchmark price of $357,200, growing 3.43% from this time last year; and the price for a benchmark home in Port Alberni is listed at $203,500 escalating 9.88% from last year.