Stability the Key Word for Vancouver Island Real Estate

MLS sales data released by the Vancouver Island Real Estate Board for January 2011 showed a small decrease in single family home sales from January 2010.
January 2011 had 205 unit sales compared to the 225 units sold in January 2010. The total number of single family homes on Vancouver Island north of Victoria currently available is 2,055 units - up from the same time last year where the number of homes for sale on Vancouver Island were at 1,834.
The average sale price across VIREB region for January 2011 is $321,489, down five per cent from the average sale price of $399,327 last January.
Jim Stewart, VIREB 2011 President says “Overall in the markets we are seeing normalization and stability. On a local level, however, we clearly show some big swings and these spikes and troughs reflect the different perspectives within our own specific areas. If you look at the market over the longer term you get better perspective of what the market is doing. The last two years have been a bit of a rollercoaster for the real estate market.”