Around Town: 2016 banner year for real estate on Vancouver Island
A total of 6,063 single-family homes sold on the Multiple Listing Service® (MLS®) in 2016, an increase of 24 per cent over the 4,885 sales recorded the previous year*. Inventory of single-family homes dipped to 859 in December, a historic low, down 37 per cent from one year ago. This figure is the lowest recorded in the VIREB area since the board began tracking inventory in 1999.
The Vancouver Island Real Estate Board has released its sales statistics for 2016, and it was a banner year for real estate on Vancouver Island.
The December 2016 benchmark price of a single-family home in the Campbell River area was $311,500, an increase of 17 per cent over December 2015. In the Comox Valley, the benchmark price was $396,000, up 19 per cent from 2015.
Duncan reported a benchmark price of $345,000, an increase of 14 per cent compared to December 2015. Nanaimo’s benchmark price rose 20 per cent to $429,200 while the Parksville-Qualicum area saw its benchmark price rise by 18 per cent to $453,800. The price of a benchmark home in Port Alberni hit $214,700, up nine per cent from one year ago.
*Real estate statistics thanks to VIREB, January 2017 newsletter edition.
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