More properties sold and for more money last month, driving down the real estate supply in Nanaimo and in the Vancouver Island Real Estate Board region. The latest data gathered using the real estate industry's proprietary Multiple Listing Service put the average selling price of a home on the Island at $340,000 last month, compared to $363,000 in Nanaimo.
At the same time, unit sales shot up 38 per cent in the VIREB area, which includes all of the Island north of the Malahat.
The increase was even higher in Nanaimo, where a 62-per cent rise in house sales was reported year-over-year, driving a six-per cent price increase.
"I've been so busy, I haven't even been able to check my emails," said Kathy Koch, VIREB Nanaimo director. "It's definitely been much busier the last three months."
It fits a prediction by Cameron Muir, B.C. Real Estate Association chief economist, that the market would likely stabilize in the second half of the year.
"What he said would happen certainly is happening," said Jennifer Merrilees, also a VIREB Nanaimo director.
Sales activity rose in every VIREB market, but not all prices. Cowichan Valley sales fell seven per cent drop lower, while Port Alberni/Western communities saw a whopping 48 per cent price rise.
Supply is down 25 per cent, with 580 units listed region-wide, from 769 units last August. Nanaimo's inventory fell to 328 units from 444 last year.
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