Summer dip in home sales, lack of inventory drives up prices
Home sales in the Vancouver Island Real Estate Board area cooled slightly in June but were still significantly higher than reported one year ago.
In June 2016, 713 single-family homes sold on the MLS System compared to 636 last June, an increase of 12 per cent.
Month over month, however, sales decreased by seven per cent from the 767 sales processed in May 2016.
The June 2016 benchmark price of a single-family home in the Duncan area was around 325,000 dollars, an increase of nine per cent over the same month in 2015.
Nanaimo’s benchmark price rose about 15 per cent to just over 402,000 while the Parksville-Qualicum area saw its benchmark price rise by 16 per cent to better than 433,000 dollars.