March Was Busy Month in the Comox Valley Real Estate Market.
April 4, 2016
The Vancouver Island real estate Board (VIREB) released its report on Multiple Listing Service ® real estate activity for the month of March 2016. A total of 520 single family homes sold in the Vancouver Island Region this March, an increase of 24% compared to the 420 homes sold in the same month last year.
According to VIREB President Margo Hoffman “It has been several years since REALTORS® have been this busy, but low inventory continues to be a major challenge for REALTORS ® and home buyers in the VIREB area. Multiple offers, particularly on single family homes are common occurrences.”
The Multiple Listing Service ® Home Price Index benchmark value for a single family home in the Comox Valley in March 2016 rose by 9.39 percent over 2015 to $354,100, the highest increase compared to Campbell River (2.61%), Duncan (8.23%), Nanaimo (5.95%), Parksville/Qualicum (8.66%), and Port Alberni (3.36%).
Apartment benchmark value has also risen in the Comox Valley 14.43% over last year to $189,500. The Economist Brendon Ogmundson of the British Columbia Real Estate Association states that “Single family homes are still the most popular property type, changing demographics could shift that trend in the next decade.”