Sales activity across the Vancouver Island housing market area continued its upward swing this May, paving the way for a strong summer market.
A total of 485 single-family homes were sold on the MLS system in the VIREB coverage area in May 2014. This represents a 34.7 per cent increase over the 451 sales recorded last month, and an eight per cent increase over sales recorded last year at this time.
Inventory levels continue to remain slightly lower than last year, with active listings down approximately two per cent.
According to VIREB president, Blair Herbert, the lower inventory has not had much of an impact on pricing trends, as home prices have remained relatively stable.
The benchmark price for a single-family home in the Campbell River area was $261,800, down 2.35 per cent over this time last year; in the Comox Valley the benchmark price was $321,500 marking a slight increase of 0.59 per cent over last year; Duncan reports a benchmark price of $282,600 which is a decrease of 0.21 per cent from last year; Nanaimo’s benchmark price was $338,600 rising 0.87 per cent over last year; Parksville/Qualicum has a benchmark price of $349,500, which is virtually unchanged.