Market update for June/July 2010
Single-family home sales on north Vancouver Island dipped in June.
The Vancouver Island Real Estate Board reports that sales for single family residential units in Nanaimo dropped 28 per cent compared to June 2009. But prices rose seven per cent.
In June 2009, the average sale price was $337,993 and last month it hit $362,018, with a median sales price of $343,992.
Jim Stewart, VIREB president-elect, said the statistics alone can be misleading.
Despite the economic downturn affecting sales early in 2009, sales were strong in June of last year, so comparing the two months isn’t a good indicator of how the market is doing. As well, selling more high-priced homes will skew the numbers and make it appear as if home prices are increasing, although that might not be the case.
Up-Island in Parksville/Qualicum, single family housing sales fell eight per cent, while the average sales price increased one per cent from June last year.
The current market is balanced with inventory climbing, said Stewart.
First-timers get into housing
First-time buyers took advantage of affordable mortgage rates to enter the housing market last year.
The Vancouver Island Real Estate Board’s Annual Buyer Profile found that first-time buyers comprised 19 per cent of the real estate transactions for the year.
Jim Stewart, VIREB president-elect, said there are some good opportunities in the market, especially with competitive mortgage rates.
The majority of buyers bought their home as their principal residence, while about 40 per cent were buying for retirement. Local buyers made up 39 per cent of the market.
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