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City Real Estate Numbers Remain Better Than Other Island Cities

Nanaimo real estate sales are down 25 per cent from a year ago, but average selling prices are flat from last September.


Nanaimo fared better than some Island cities, according to September sales figures from the Vancouver Island Real Estate Board, based on sales made through the industry's proprietary Multiple Listing Service.


The number of properties sold fell 18 per cent, while average selling prices dropped five per cent across the Island north of the Malahat, the MLS data indicate.


The data comes after a reports of Vancouver sales down more than 30 per cent and a monthly sales drop of 5.8 per cent in August, from the Canadian Real Estate Association. CREA calls it the greatest single monthly drop for the industry since 2010.


A soft market means buyers can take longer to shop for the ideal property. Sellers who are serious need to spruce up their homes and price them right to get a market advantage.

VIREB past-president Jim Stewart doesn't like the term buyer's market, but said "we're in a market where you can negotiate a really good deal."


The average home sold in Nanaimo last month went for $361,000, less than one per cent change from a year ago. Prices rose one per cent in Parksville-Qualicum Beach, to $393,000.


In Cowichan Valley prices dropped 12 per cent to $315,000, while Campbell River prices dropped 10 per cent to $262,000. Port Alberni house prices dropped two per cent to $200,000. Comox Valley saw the greatest increase, up seven per cent.


The value of homes sold through MLS declined 25.4 per cent in B.C. to $2.6 billion in August, compared to the same month a year ago, the B.C. Real Estate Association reported.


A total of 5,337 residential unit sales were recorded in B.C., down 17.9 per cent from 2011. The average price was $491,145, nine per cent lower than a year ago.


National house sales dropped 8.9 per cent from August 2011.


Published: Friday, October 05, 2012/ Nanaimo Daily News

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