Around Town: VIREB Reports Inventory Dips in November to new historic low
Inventory of single-family homes in the VIREB area dropped yet again in November 2016 to reach a new historic low of 1,034, a 37 per cent decrease from one year ago and dipping below October’s 1,158 available listings.
Inventory dipped to historic lows in the Vancouver Island Real Estate Board service area in November.
In November of 2016 prices increased in every zone, ranging from 13 per cent in Port Alberni to 22 per cent in Nanaimo. The benchmark price of an apartment rose approximately 21 per cent board-wide from the previous year, but the highest increases were posted in the Comox Valley (23 per cent), Campbell River (28 per cent), and Parksville-Qualicum (31 per cent). The townhouse market also strengthened in November, posting a 15 per cent increase board-wide and ranging from 11 per cent in Port Alberni to nearly 20 per cent in Campbell River.
The November 2016 benchmark price of a single-family home in the Campbell River area was $310,600, an increase of 15 per cent over November 2015. In the Comox Valley, the benchmark price was $393,500, up 16 per cent from 2015. Duncan reported a benchmark price of $346,500, an increase of 14 per cent compared to November 2015. Nanaimo’s benchmark price rose 22 per cent to $433,700 while the Parksville-Qualicum area saw its benchmark price rise by 19 per cent to $452,600. The price of a benchmark home in Port Alberni hit $213,600, up 13 per cent from one year ago.
Visit the VIREB website for updated information at vireb.com.
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