Average home sale prices are down in 2012

This area sees 10 per cent drop in value of real estate

Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) indicates a drop in average prices and unit sales during the first quarter of 2012.

Across VIREB’s coverage area last month average sales prices dipped eight per cent over what they were in March 2011.

The average sales price for a single family home sold within VIREB’s zones in March was $320,677 down from the March 2011 average price of $347,522. The year to year number of unit sales also dropped, by 22 per cent, when compared to March 2011 when 384 single family homes were sold, compared to the 299 unit sales recorded in March 2012.

On a month to month basis however statistics show a positive trend in sales activity across the VIREB zones. In January there were 216 single family home sales reported, February recorded 269, with March continuing this upward trend with 299 single unit sales.

Comparing March 2012 to March 2011, the average sale prices in Parksville and Qualicum Beach slipped 10 per cent.

Campbell River sales prices decreased 11 per cent, the Comox Valley dipped five per cent, Nanaimo’s average sales price decreased five per cent, Port Alberni/West Coast also dipped five per cent  and the Cowichan Valley decreased eight per cent. — VIREB