Board Stats

The stats for the month of July have just been released by the Canadian Real Estate Council (CREA) for the period ending July 31, 2008 and the stats show an overall decline in unit sales but a huge increase in inventory. The stats released through CREA for the Vancouver Island area show unit sales of 444 units down 28% from last year when unit sales were 616 for the same time period. CREA on a positive note is very firmly stating that properties that are correctly priced are still selling. Listings for July of this year are up 40% from last year but the price increase is very marginal. The Vancouver Island Real Estate Board is made up of over 1200 members and while average sales prices continue to rise slowly VIREB saw monthly average prices come down from the previous month in all zones except Port Alberni. This further shows that consumers are being educated by their REALTORS that properties that are priced right are continuing to sell.