Housing market stabilizes

Maybe home prices have hit the bottom of their price cycle

Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island recorded little change last month as compared to a year ago.

Across VIREB’s coverage area in May average sales prices edged downward four per cent over what they were in May 2011. The average sales price for a single family home sold within the VIREB region in May was $343,662 down from the May 2011 average price of $356,450.

“There is certainly continuity in the number of units sold and in the prices received right across the region,” said VIREB President Guy Bezeau.

Comparing May 2012 to May 2011, the average sale prices in Campbell River increased six per cent (to $306,908), the Comox Valley dipped one per cent to $361,537. Nanaimo’s average sales price was down eight per cent to $349,554. Parksville/Qualicum recorded a one per cent decline (to $414,944). — Submitted by VIREB