Unit Sales down on Vancouver Island year over year
NANAIMO MARCH 2011 APRIL 2011
UNIT SALES: 115 87 123
SALE PRICE: $368,354.00 $374,501.00 $367,805.00
Nanaimo home sales were down 29% from April 2010 thru April 2011. The average sale price rose 2%. The median house price was $340,000.00.
UNIT SALES: 57 58 63
SALE PRICE: $391,888.00 $408,162.00 $401,036.00
Parksville / Qualicum home sales were down 8% from April 2010 thru April 2011. The average sale price rose 2% as well. The median house price was $371,000.00.
With home sales down a whopping 29% from April 2010, it is clear that buyer activity has slowed significantly during what would normally be a busy season. Is this a one month blip or is a trend in the market place underway? The next few months will give us a clearer picture. Real estate offices around the city are indicating reduced activity from buyers wanting to see housing. The prolonged cool, wet spring has also played a role in this pattern.
Interest rates remain stable with a bias toward the upside. Global stock markets have been in a corrective mode for the past month which may be impacting buyer activity as well. Nanaimo’s unemployment rate has jumped from 8.7% in January to 16.3% in April, well above the provincial and national average. This will also impact the real estate market directly.
For more information on the Mid Island Real Estate Market contact Steve Pakozdy
If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and the know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.comor just email Bill and Dave.
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